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Two cheers for bounded rationality
Published online by Cambridge University Press: 09 April 2001
Abstract
Replacing logical coherence by effectiveness as criteria of rationality, Gigerenzer et al. show that simple heuristics can outperform comprehensive procedures (e.g., regression analysis) that overload human limited information processing capacity. Although their work casts long overdue doubt on the normative status of the Rational Choice Paradigm, their methodology leaves open its relevance as to how decisions are actually made.
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- © 2000 Cambridge University Press
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