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What is Understanding Heuristics in Decision-Making about?

Heuristics are cognitive processes that simplify decision making by ignoring some information. While this speeds up decisions, it was traditionally viewed as increasing errors compared to fully rational decision making. However, research shows that in uncertain situations, heuristics can lead to more accurate judgments than comprehensive strategies, especially for predicting uncommon events with little data. Formal models are needed to understand which heuristics people use in different contexts and when he

Author

Jatin Sharma

Language

EN