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Decision making in small and large worlds |
One of the main distinctions in research on decision making concerns the availability of information to a decision maker. In so-called ‘small worlds’, all alternatives, consequences, and probabilities are known. In so-called ‘large worlds’,... |
Gerd Gigerenzer |
goCognitive |
00:02:42 |
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Heuristics |
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... |
Gerd Gigerenzer |
goCognitive |
00:05:26 |
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Selection of heuristics |
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. |
Gerd Gigerenzer |
goCognitive |
00:04:16 |
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When are heuristics superior |
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... |
Gerd Gigerenzer |
goCognitive |
00:06:46 |
