What are 'heuristics'? - Deepstash

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What are 'heuristics'?

What are 'heuristics'?

https://www.ecnmy.org/learn/you/choices-behavior/what-are-heuristics/

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Heuristics: Mental Shortcuts

Heuristics: Mental Shortcuts

In our daily lives, we do not have the time, knowledge or skills to make the perfect decision/choice every time, and it may be too exhausting and time-consuming to make really big decisions in a pe...

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Cognitive Bias: The Other End Of Heuristics

When our heuristics make us do unreasonable things and ignore obvious dangers, it is termed as a cognitive bias, a systematic error that is based out of our unawareness.

Th...

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The Most Common Cognitive Biases

  • Representativeness Heuristic: assumes that if something reminds us of something we know already, it is part of the same group.
  • Availability Heuristic

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Economic rationality

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We usually think about rationality as being sensible or reasonable. For economists, rationality means when you make a choice, you will choose the thing you like best. Economic rationality a...

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  • Rational choice theory thinks of people as economic super-men and women, also known as homo economicus. Economists use this theory to think about what 'economic man' would do, then add up the actions of billions of people to make models about how the economy works.
  • Bounded rationality theory looks at the ways we don't or can't act like homo economicus. It sees people as rational but limited by the information they possess and their ability to process that information.