About This Video
Heuristics are simple strategies that allow a decision maker to reach a decision quickly and with little effort. While most people view heuristics as 'second class citizens' compared to optimized algorithmic solutions. In this interpretation, heuristics must be inferior to the optimized solution because they take into consideration less information - the so-called accuracy effort trade-off. Dr. Gigerenzer takes a different view. In his model, heuristics are optimized for decision making under uncertainty, where optimization doesn't work.