ST2 - Why Heuristics Work

Question 1

What is the purpose of heuristics?

Answer 1

Not find the optimal solution, but the “good enough” one

Question 2

When are heuristics used?

Answer 2

When people have to act fast and the utilities or porbabilities are unkown

Question 3

What are six common misconceptions about heuristics?

Answer 3

1. Heuristics produce second-best results
2. We rely on heuristics only because of cognitive limitations
3. People rely on heuristics only in routine or unimportant decisions
4. People with higher cognitive capacities rely less on heuristics
5. More information and computation is always better

Question 4

Why is “Heuristics produce second-best results” false?

Answer 4

In some situations optimization is impossible or less accurate because of estimation errors

Question 5

Why is “We rely on heuristics only because of cognitive limitations” false?

Answer 5

Characteristics of the environment and of the mind make us rely on heuristics

Question 6

Why is “People rely on heuristics only in routine or unimportant decisions” false?

Answer 6

People rely on heuristics for decisions of both high and low importance

Question 7

Why is “People with higher cognitive capacities rely less on heuristics” false?

Answer 7

This is not supported by evidence

Question 8

Why is “More information and computation is always better” false?

Answer 8

Good decisions in a partly uncertain world require ignoring part of the available information

Question 9

What is the adaptive toolbox?

Answer 9

Darwinian inspired theory: mind is a modular system that consists of heuristics, their building blocks and evolved capacities

Question 10

What is the study of the adaptive toolbox?

Answer 10

descriptive and analyses the selection and structure of heuristics in social and physical environments

Question 11

What is the study of ecological rationality?

Answer 11

prescriptive and identifies the structure of environments in which specific heuristics either succeed or fail

Question 12

Why do heuristics work?

Answer 12

Heuristics work because they exploit evolved capacities that come for free and can provide solutions to problems that cannot be solved by logic or probability. Additionally, they can be customized to different problems. By looking at the ecological rationality we can predict when it fails or succeeds.