WHAT ARE FAST AND FRUGAL HEURISTICS?
Fast and frugal heuristics meet the criteria set forth in Goldstein & Gigerenzer, 2002. Fast and frugal heuristics are rules of thumb for decision making that are:
- Ecologically rational (that is, they exploit structures of information in the environment)
- Founded in evolved psychological capacities such as memory and the perceptual system
- Fast, frugal, and simple enough to operate effectively when time, knowledge, and computational might are limited
- Precise enough to be modeled computationally
- Powerful enough to model both good and poor reasoning.
WHERE CAN I READ ABOUT FAST AND FRUGAL HEURISTICS?
Fast and Frugal heuristics are mentioned in:
- Gigerenzer, G. & Goldstein, D. G. (1996). Reasoning the Fast and Frugal Way: Models of Bounded Rationality, Psychological Review
- Goldstein, D. G. & Gigerenzer, G. (2002).Models of Ecological Rationality: The Recognition Heuristic, Psychological Review
- Scheibehenne, B., Rieskamp, J., & Wagenmakers, E. J. (2013). Testing Adaptive Toolbox Models: A Bayesian Hierarchical Approach, Psychological Review
- Forster, M. R. (1999) How Do Simple Rules Fit to reality in a Complex World?, Minds and Machines
- Decision Science News a website about decision research in Psychology, Economics, Business, Medicine & Law