Seminar Series

Smart Heuristics: Bounded Rationality and the Adaptive Toolbox

Heuristics are cognitive strategies that consist of simple rules for search, stopping, and decision. Different from models of rational reasoning, which tend to view the mind as a supernatural being with unlimited time and knowledge, the study of the adaptive toolbox analyzes the environmental structures particular heuristics can exploit in order to make fast, frugal, and smart decisions.