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Chapter 7. Decision-Making > Fast and Frugal Decision-Making

Fast and Frugal Decision-Making

In the field of cognitive science and economics, it has always been assumed that the best decision-makers have the time and ability to process vast amounts of information. The new field of heuristics explores how to make constructive, positive choices by simplifying the process. Gerd Gigerenzer and Peter Todd’s Simple Heuristics That Make Us Smart analyzes how we cope with the complexities of our world using the simplest of decision-making tools. Their premise is as follows:

“Fast and frugal heuristics employ a minimum of time, knowledge, and computation to make adaptive choices in real environments.”[8]


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