Fast and Frugal Heuristics
Published Online: 14 JAN 2011
Copyright © 2010 John Wiley & Sons, Inc. All rights reserved.
Wiley Encyclopedia of Operations Research and Management Science
How to Cite
Bertel, S. and Kirlik, A. 2011. Fast and Frugal Heuristics. Wiley Encyclopedia of Operations Research and Management Science. .
- Published Online: 14 JAN 2011
Cognitive heuristics are fundamental to human judgment and decision making. Often described as rules of thumb that are used in lieu of optimal procedures (e.g., when resources are limited, or knowledge is incomplete), cognitive heuristics may also be understood as essential psychological mechanisms that guide information search and produce decisions by effectively and efficiently exploiting information structures in the environment. This article describes a selection of simple but powerful, task-specific, fast and frugal heuristics (FFHs) as suggested by Gigerenzer, Todd, and the ABC Research Group. Underlying assumptions related to concepts of ecological rationality are presented, as are basic mechanisms of, and research into the validity of FFHs.
- fast heuristics;
- frugal heuristics;
- human judgment and decision making;
- ecological rationality;