Tuesday, February 02, 2010

Quick and dirty frugal heuristics and Human decision making

According to Gigerenzer, organisms from toads to stockbrokers have to make last decisions under demanding circumstances with limited information. In most instances organisms (including humans/Doctors, do not have the Time, resources, or cognitive capacities to gather all the relevant information, consider all the possible options, calculate all the probabilities and risks, and then make the statistically optimal decision. Instead, they use quick and dirty heuristics that are less than perfect but that work well enough most of the time to be adaptive in the real world.

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