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:

  1. Ecologically rational (that is, they exploit structures of information in the environment)
  2. Founded in evolved psychological capacities such as memory and the perceptual system
  3. Fast, frugal, and simple enough to operate effectively when time, knowledge, and computational might are limited
  4. Precise enough to be modeled computationally
  5. 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: