Should We Use Heuristics?
January 5, 2011 1 Comment
In psychology, heuristics became associated with errors and contrasted with logical and statistical rules that were believed to deﬁne rational thinking in all situations. Yet this view has been questioned for uncertain, large worlds where the assumptions of rational models are not met. We reviewed studies on decisions by individuals and institutions, including business, medical, and legal decision making, that show that heuristics can often be more accurate than complex “rational” strategies. This puts heuristic on a par with statistical methods and emphasizes a new ecological question: In what environment does a given strategy (heuristic or otherwise) succeed?
That’s Gerd Gigerenzer and Wolfgang Gaissmaier in the most recent issue of the Annual Review of Psychology.