A typology of decision heuristics
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Abstract
The essay proposes a classification of decision heuristics based on their different logical status, distinguishing mere errors/optical illusions from efficient shortcuts, and, furthermore, from ‘methods for finding’ qualifiable as epistemically rational. On this basis, a gap in the literature is then addressed: to specify when and why it is justifiable to use which type of heuristic.
Keywords
- heuristics
- decision making
- bounded rationality
- epistemic rationality
