Psychology into economics: fast and frugal heuristics

Daniele Schiliro'

MPRA Paper from University Library of Munich, Germany

Abstract: The present essay focuses on the fast and frugal heuristics program set forth by Gerd Gigerenzer and his fellows. In particular it examines the contribution of Gigerenzer and Goldstein (1996) ‘Reasoning the Fast and Frugal Way: Models of Bounded Rationality’. This essay, following the theoretical propositions and the empirical evidence of Gigerenzer and Goldstein, points out that simple cognitive mechanisms such as fast and frugal heuristics can be capable of successful performance in real world, without the need of satisfying the classical norms of rational inference.

Keywords: behavioral economics; heuristics; biases; fast and frugal heuristics (search for similar items in EconPapers)
JEL-codes: D0 D10 D80 (search for similar items in EconPapers)
Date: 2015-11
New Economics Papers: this item is included in nep-cbe, nep-hpe and nep-pke
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:78162

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