German psychologist and professor Gerd Gigerenzer argues that heuristics has an inbuilt or genetic value for us, therefore should not be treated as having secondary importance in our decision making process.
The science of heuristics even has vastly better predictive performance than mathematical models under an environment of uncertainty...which is the world we live in.
Mr. Gigerenzer's theories reminds me of Malcolm Galdwell's book "Blink" which deals with rapid cognition.
(hat tip Professor Pete Boettke)
The science of heuristics even has vastly better predictive performance than mathematical models under an environment of uncertainty...which is the world we live in.
Mr. Gigerenzer's theories reminds me of Malcolm Galdwell's book "Blink" which deals with rapid cognition.
(hat tip Professor Pete Boettke)
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