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How do people make decisions when time is limited, information unreliable, and the future uncertain? Based on the work of Nobel laureate Herbert Simon and with the help of colleagues around the world, the Adaptive Behavior and Cognition (ABC) Group at the Max Planck Institute for Human Development in Berlin has developed a research program on simple heuristics, also known as fast and frugal heuristics.
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This volume makes a powerful case for the importance of fast and frugal heuristics in explaining a wide range of aspects of cognition. It brings together the latest developments in one of the most influential research programmes in the decision sciences, and will provide a valuable stimulus for, and a challenge to, research across the field."
Nick Chater, University College London
John G. Benjafield, PsycCRITIQUES The Gigerenzer, Hertwig, and Pachur volume is a collection of 40 previously
published articles, some of which have been modified to suit the occasion. There are also
very helpful introductions to each article. The articles illustrate the variety of ways in which
people use heuristics, or rules of thumb, to quickly make decisions.
John Tooby and Leda Cosmides, Center for Evolutionary Psychology, University of California, Santa Barbara Over the last two decades, Gerd Gigerenzer and his colleagues have pioneered a fundamentally new approach to human decision-making. This research framework-the simple heuristics program-recasts classic questions in ways that open up vital new avenues of research and understanding. This fascinating and authoritative volume brings together for the first time a comprehensive set of articles that explore the theoretical foundations of this revolutionary approach, as well
as tests of its psychological reality and practical importance in everyday decision-making
Gerd Gigerenzer is Director of the Center for Adaptive Behavior and Cognition at the Max Planck Institute for Human Development in Berlin, and former Professor of Psychology at the University of Chicago. He won the AAAS Prize for the best article in the behavioral sciences and the Association of American Publishers Prize for the best book in the social and behavioral sciences. His recent books include Rationality for Mortals, Gut Feelings, and Risk Savvy, translated into 21 languages.Ralph Hertwig is Director of the Center for Adaptive Rationality at the Max Planck Institute for Human Development in Berlin. His research investigates how individuals and groups juggle the simultaneous demands of uncertainty, data scarcity, and limits in cognitive resources when making decisions. He was previously Chair of Cognitive and Decision Sciences and Dean of the Faculty of Psychology at the University of Basel, and he is a recipient of the Heinz Heckhausen Young Scientist Prize and the Charlotte-und-Karl-Buhler Young Career Award.Thorsten Pachur is Senior Researcher in the Center for Adaptive Rationality at the Max Planck Institute for Human Development in Berlin. He studies learning and memory processes in decision making, strategy selection, and the psychology of risky choice."
Introduction List of Contributors Appetizer 1. Homo heuristicus: Why Biased Minds Make Better Inferences. Gerd Gigerenzer, and Henry Brighton Part I: Theory Opening the adaptive toolbox 2. Reasoning the Fast and Frugal Way: Models of Bounded Rationality. Gerd Gigerenzer, and Daniel G. Goldstein 3. Models of Ecological Rationality: The Recognition Heuristic. Daniel Goldstein and Gerd Gigerenzer 4. How Forgetting Aids Heuristic Inference. Lael J. Schooler and R. Hertwig 5. Simple Heuristics and Rules of Thumb: Where Psychologists and Behavioral Biologists Might Meet. John M.C. Hutchinson and Gerd Gigerenzer 6. Naive and Yet Enlightened: From Natural Frequencies to Fast and Frugal Decision Trees. Laura Martignon, Oliver Vitouch, Masinori Takezawa, and Malcolm R. Forster 7. The Priority Heuristic: Making Choices without Trade-Offs. Eduard Brandstatter, Gerd Gigerenzer, and Ralph Hertwig 8. One-Reason Decision making: Modeling Violations of Expected Utility Theory. Konstantinos V. Katsikopoulos and Gerd Gigerenzer 9. The Similarity Heuristic. Daniel Read and Yael Grushka-Cockayne 10. Hindsight Bias: A By-Product of Knowledge Updating? Ulrich Hoffrage, Ralph Hertwig, and Gerd Gigerenzer How are heuristics selected? 11. SSL: A Theory of How People Learn to Select Strategies. Jorg Rieskamp and Philipp E. Otto Part II: Tests When do heuristics work? 12. Fast, Frugal, and Fit: Simple Heuristics for Paired Comparison. Laura Martignon and Ulrich Hoffrage 13. Heuristic and Linear Lodels of Judgment: Matching Rules and Environments. Robin M. Hogarth and Natalia Karelaia 14. Categorization with Limited Resources: A Family of Simple Heuristics. Laura Martignon, Konstantinos V. Katsikopoulo, and Jan K. Woike 15. A Signal Detection Analysis of the Recognition Heuristic. Timothy J. Pleskac 16. The Relative Success of Recognition-Based Iinference in Multichoice Decisions. Rachel McCloy, C. Philip Beaman, and T. Smith When do people rely on one good reason? 17. The Quest for Take-the-Best. Arndt Broeder 18. Empirical Tests of a Fast and Frugal Heuristic: Not Everyone