Detecting Design: Fast and Frugal or All Things Considered?

' All Things Considered

All Things Considered, Taxes Drive the January Effect

The multitude of explanations for the January effect leaves the reader confused about its primary cause(s): is it tax-loss selling, window dressing, information, bid-ask bounce, or a combination of these causes? The confusion arises, in part, because evidence has generally been presented in support of a particular hypothesis though the same evidence may be consistent with another hypothesis. Fu...

Fast and frugal framing effects?

Using 3 experiments, we examine whether simple pairwise comparison judgments, involving the recognition heuristic (Goldstein & Gigerenzer, 2002), are sensitive to implicit cues to the nature of the comparison required. In Experiments 1 and 2, we show that participants frequently choose the recognized option of a pair if asked to make "larger" judgments but are significantly less likely to choos...

Making Naturalistic Decision Making “Fast and Frugal”

The Naturalistic Decision Making (NDM) addresses how human decision makers can deal with constraints of time and information. In general, NDM theories are consistent with expert decision making but tend to be very general, referring to broad categories of cognitive processes such as recognition, pattern matching, and mental simulation, without explaining exactly how these processes are performe...

Rationality, Logic and Fast and Frugal Heuristics

Gigerenzer et his co-workers make some bold and striking claims about the relation between the fast and frugal heuristics discussed in their book and the traditional norms of rationality provided by deductive logic and probability theory. We are told, for example, that fast and frugal heuristics such as TAKE THE BEST replace "the multiple coherence criteria stemming from the laws of logic and p...