Skip to main page content
Access keys NCBI Homepage MyNCBI Homepage Main Content Main Navigation
, 103 (4), 650-69

Reasoning the Fast and Frugal Way: Models of Bounded Rationality

Affiliations

Reasoning the Fast and Frugal Way: Models of Bounded Rationality

G Gigerenzer et al. Psychol Rev.

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.

Similar articles

See all similar articles

Cited by 193 PubMed Central articles

  • Threshold Point Utilisation in Juror Decision-Making
    LJ Curley et al. Psychiatr Psychol Law 26 (1), 110-128. PMID 31984068.
    This study aims to identify whether a model of juror decision-making (i.e. the threshold point model) that encompasses both rational and intuitive decision-making exists. …
  • Search as a Simple Take-The-Best Heuristic
    KS Yahosseini et al. R Soc Open Sci 6 (10), 190529. PMID 31824690.
    Humans commonly engage in a variety of search behaviours, for example when looking for an object, a partner, information or a solution to a complex problem. The success o …
  • The Relationship Between Uncertainty and Affect
    EC Anderson et al. Front Psychol 10, 2504. PMID 31781003.
    Uncertainty and affect are fundamental and interrelated aspects of the human condition. Uncertainty is often associated with negative affect, but in some circumstances, i …
  • Rational Time Investment During Collective Decision Making in Temnothorax Ants
    T Sasaki et al. Biol Lett 15 (10), 20190542. PMID 31615372.
    The study of rational choice in humans and other animals typically focuses on decision outcomes, but rationality also applies to decision latencies, especially when time …
  • Assessment in the Context of Problem-Based Learning
    CPM van der Vleuten et al. Adv Health Sci Educ Theory Pract 24 (5), 903-914. PMID 31578642.
    Arguably, constructive alignment has been the major challenge for assessment in the context of problem-based learning (PBL). PBL focuses on promoting abilities such as cl …
See all "Cited by" articles

Publication types

LinkOut - more resources

Feedback