Comparing fast and frugal heuristics and optimal models (2001)
Authors
Abstract
(from the chapter) Evaluates the performance of some of the fast and frugal heuristics in the adaptive toolbox, by means of a systematic comparison with optimizing models for choice tasks. The standards for comparison will be both predictive performance and complexity. The heuristics are remarkably accurate, often outperforming multiple regression, the normative benchmark in the class of linear models. Even compared to Bayesian models, the difference in accuracy are seldom large. The surprising accuracy of the heuristics is due to what G. Gigerenzer, P. M. Todd, and the ABC Research Group (1999) have called their ecological rationality, i.e., the way in which they exploit the structure of their task environment. (PsycINFO Database Record (c) 2007 APA, all rights reserved)
Bibliographic entry
Martignon, L. (2001). Comparing fast and frugal heuristics and optimal models. In G. Gigerenzer, & R. Selten (Eds.), Bounded rationality: The adaptive toolbox. Dahlem Workshop Report (pp. 147-171). Cambridge, Mass.: MIT Press.
Miscellaneous
| Publication year | 2001 | |
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| Document type: | In book | |
| Publication status: | Published | |
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