Decision making : Nonrational theories

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2015
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Gigerenzer, Gerd
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WRIGHT, James D., ed.. International encyclopedia of the social and behavioral sciences ; vol. 5. 2. ed. Amsterdam: Elsevier, 2015, pp. 911-916. ISBN 978-0-08-097086-8. Available under: doi: 10.1016/B978-0-08-097086-8.26017-0
Zusammenfassung

In a world of known risks, rational theories provide the norms for successful behavior. In a world where not all risks are known and where optimization is not feasible, ‘nonrational’ tools such as heuristics are needed. In comparison to optimi- zation models, heuristics are robust and can lead to more accurate predictions, while saving time and effort. The study of heuristics addresses the descriptive question of what heuristics an individual or institution has in their ‘adaptive toolbox,’ as well as the normative question of their ecological rationality, i.e., which heuristics in which situations are most accurate and effective.

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Fachgebiet (DDC)
150 Psychologie
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Adaptive toolbox; Bias–variance dilemma; Bounded rationality; Decision-making; Heuristics; Optimization; Risk; Uncertainty
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ISO 690GIGERENZER, Gerd, Wolfgang GAISSMAIER, 2015. Decision making : Nonrational theories. In: WRIGHT, James D., ed.. International encyclopedia of the social and behavioral sciences ; vol. 5. 2. ed. Amsterdam: Elsevier, 2015, pp. 911-916. ISBN 978-0-08-097086-8. Available under: doi: 10.1016/B978-0-08-097086-8.26017-0
BibTex
@incollection{Gigerenzer2015Decis-31725,
  year={2015},
  doi={10.1016/B978-0-08-097086-8.26017-0},
  title={Decision making : Nonrational theories},
  edition={2. ed},
  isbn={978-0-08-097086-8},
  publisher={Elsevier},
  address={Amsterdam},
  booktitle={International encyclopedia of the social and behavioral sciences ; vol. 5},
  pages={911--916},
  editor={Wright, James D.},
  author={Gigerenzer, Gerd and Gaissmaier, Wolfgang}
}
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