Article

Modeling Decision Heuristics

Konstantinos V. Katsikopoulos and Gerd Gigerenzer

in The Oxford Handbook of Cognitive Engineering

Published in print February 2013 | ISBN: 9780199757183
Published online May 2013 | | DOI: http://dx.doi.org/10.1093/oxfordhb/9780199757183.013.0034

Series: Oxford Library of Psychology

 Modeling Decision           Heuristics

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The engineering of human decisions should be based on models that (i) require realistic amounts of resources such as time, information, and computation; (ii) have high predictive accuracy; (iii) describe the decisions people make and the processes that lead to the decisions; and (iv) are easy to understand, apply, and explain. Fast and frugal heuristics are a family of simple algorithmic models of decision making that satisfy (i)–(iv). Theoretical analyses, data from laboratory experiments, and applications of the heuristics “in the wild” are presented. A future research direction is to develop a methodology for building technological interfaces based on fast and frugal heuristics.

Keywords: heuristics; lexicographic; fast and frugal trees; less is more; robustness

Article.  7917 words. 

Subjects: Psychology ; Cognitive Psychology

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