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Keywords:

  • heuristics;
  • simple rules;
  • heuristics-and-biases;
  • fast-and-frugal heuristics;
  • opportunity capture

We recently introduced a research program on how firms can effectively capture fleeting opportunities using heuristics. Heuristics, we advocate, are the essence of strategy, especially in unpredictable markets where opportunities are often numerous, fast moving, and uncertain. Our emphasis on heuristics invites comparison with prominent research programs in cognitive psychology. We address this opportunity by comparing our “simple rules” heuristics approach with “heuristics-and-biases” and “fast-and-frugal” heuristics research. Collectively, the three approaches offer a rich understanding of heuristics. Copyright © 2014 John Wiley & Sons, Ltd.