Heuristics

How do people make decisions when time is limited, information unreliable, and the future uncertain? Based on the work of Herbert A. 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. These heuristics are efficient cognitive processes that ignore information and exploit the structure of the environment. In contrast to the widely held view that less complex processing necessarily reduces … More