Reasoning the fast and frugal way: models of bounded rationality.

@article{gigerenzer.goldstein.1996, abstract = {Humans and animals make inferences about the world under limited time and knowledge. In contrast, many models of rational inference treat the mind as a Laplacean Demon, equipped with unlimited time, knowledge, and computational might. Following H. Simon's notion of satisfying, the authors have proposed a family of algorithms based on a simple psychological mechanism: one-reason decision making. These fast and frugal algorithms violate fundamental tenets of classical rationality: They neither look up nor integrate all information. By computer simulation, the authors held a competition between the satisfying "Take The Best" algorithm and various "rational" inference procedures (e.g., multiple regression). The Take The Best algorithm matched or outperformed all competitors in inferential speed and accuracy. This result in an existence proof that cognitive mechanisms capable of successful performance in the real world do not need to satisfy the classical norms of rational inference.}, address = {Center for Adaptive Behavior and Cognition, Max Planck Institute for Psychological Research, Munich, Germany. giger@mpipf-muenchen.mpg.de}, author = {Gigerenzer, G. and Goldstein, D. G. }, citeulike-article-id = {1273553}, issn = {0033-295X}, journal = {Psychol Rev}, keywords = {decision-making, fast-frugal, heuristics, psychology}, month = {October}, number = {4}, pages = {650--669}, posted-at = {2008-04-07 02:37:17}, priority = {2}, title = {Reasoning the fast and frugal way: models of bounded rationality.}, url = {http://view.ncbi.nlm.nih.gov/pubmed/8888650}, volume = {103}, year = {1996} }

TY - JOUR ID - gigerenzer.goldstein.1996 L3 - citeulike-article-id:1273553 TI - Reasoning the fast and frugal way: models of bounded rationality. JF - Psychol Rev VL - 103 IS - 4 SP - 650 EP - 669 AD - Center for Adaptive Behavior and Cognition, Max Planck Institute for Psychological Research, Munich, Germany. giger@mpipf-muenchen.mpg.de SN - 0033-295X N2 - Humans and animals make inferences about the world under limited time and knowledge. In contrast, many models of rational inference treat the mind as a Laplacean Demon, equipped with unlimited time, knowledge, and computational might. Following H. Simon's notion of satisfying, the authors have proposed a family of algorithms based on a simple psychological mechanism: one-reason decision making. These fast and frugal algorithms violate fundamental tenets of classical rationality: They neither look up nor integrate all information. By computer simulation, the authors held a competition between the satisfying "Take The Best" algorithm and various "rational" inference procedures (e.g., multiple regression). The Take The Best algorithm matched or outperformed all competitors in inferential speed and accuracy. This result in an existence proof that cognitive mechanisms capable of successful performance in the real world do not need to satisfy the classical norms of rational inference. KW - decision-making KW - fast-frugal KW - heuristics KW - psychology AU - Gigerenzer, G AU - Goldstein, DG PY - 1996/10// UR - http://view.ncbi.nlm.nih.gov/pubmed/8888650 ER -