Ecological Rationality: Fast-and-Frugal Heuristics for Managerial Decision Making under Uncertainty

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...

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...

Fast and frugal food choices: uncovering individual decision heuristics.

Research on food decision making is often based on the assumption that people take many different aspects into account and weight and add them according to their personally assessed importance. Yet there is a growing body of research suggesting that people's decisions can often be better described by simple heuristics-rules of thumb that people use to make choices based on only a few important ...

Influence of Rationality and Perceptual Processes on Managerial Decision-Making

Managerial decision-making and rationality are impacted and influenced by perceptual processes. This essay seeks to critically analyse and discuss perceptual processes as pivotal in any decision-making endeavour. Its importance is briefly discussed with particular emphasis placed on ways in which certain differences or biases in perception may have on individuals’ understanding of reality as we...

Decision making under uncertainty