Saturday, September 06, 2003
Simple Heuristics That Make Us Smart
In response to my previous post about the debate between the prospect and neoclassical theories, Sanjay left me feedback saying I should look up Gerd Gigerenzer, Peter Todd and the ABC research group. I did a preliminary recce, and it was very, very interesting. Here's the link for anyone who might want to read on.
In our book, "Simple Heuristics That Make Us Smart," we invite readers to embark on a new journey into a land of rationality that differs from the familiar territory of cognitive science and economics. Traditional models of rationality in these fields have tended to view decision-makers as possessing supernatural powers of reason, limitless knowledge, and an eternity in which to make choices. But to understand decisions in the real world, we need a different, more psychologically plausible notion of rationality. This book provides such a view. It is about fast and frugal heuristics-simple rules for making decisions with realistic mental resources. These heuristics can enable both living organisms and artificial systems to make smart choices, judgments, and predictions by employing bounded rationality.
In our book, "Simple Heuristics That Make Us Smart," we invite readers to embark on a new journey into a land of rationality that differs from the familiar territory of cognitive science and economics. Traditional models of rationality in these fields have tended to view decision-makers as possessing supernatural powers of reason, limitless knowledge, and an eternity in which to make choices. But to understand decisions in the real world, we need a different, more psychologically plausible notion of rationality. This book provides such a view. It is about fast and frugal heuristics-simple rules for making decisions with realistic mental resources. These heuristics can enable both living organisms and artificial systems to make smart choices, judgments, and predictions by employing bounded rationality.
