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Fast and Frugal Heuristics

  1. Sven Bertel,
  2. Alex Kirlik

Published Online: 14 JAN 2011

DOI: 10.1002/9780470400531.eorms0319

Wiley Encyclopedia of Operations Research and Management Science

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. .

Author Information

  1. University of Illinois at Urbana-Champaign, Human Factors Division and Beckman Institute for Advanced Science and Technology, Urbana, Illinois

Publication History

  1. Published Online: 14 JAN 2011

Abstract

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.

Keywords:

  • fast heuristics;
  • frugal heuristics;
  • human judgment and decision making;
  • ecological rationality;
  • modeling