Dr. Gigerenzer describes his view of the mind as a collection of cognitive abilities that reflect both the result of evolution as well as the personal experiences of an individual within their specific environment.
Intuitions play an important role in many real-world decision making situations, yet they are often discarded as flawed when compared to algorithmic solutions. Societal pressures on decision makers to produce rational and factual evidence for the...
Against popular belief, there are instances where simple heuristics are not only faster and easier to apply, but they can reliably outperform more complex and exhaustive algorithms. The reason for this is uncertainty of natural environments and the...
Sometimes, more than one heuristic could be applied in a given situation. In these cases a decision has to be made which heuristic to go with. Dr. GIgerenzer explains how these conflicts are resolved.
Herbert Simon's concept of 'bounded rationality' has spawned a lot of research interests in psychology and economics. Dr. Gigerenzer identifies three different interpretations of bounded rationality - two of which deal with the...
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...
