Intransitivity of fast and frugal heuristics
How to derive and predict intransitivities from fast and frugal heuristics, such as Take The Best, Minimalist, and Take The Last? It is specified in analytical terms under which conditions these lexicographic heuristics generate intransitivities. On the basis of the analytical results a simulation study was conducted that investigates how limited discriminability and randomness affect transitivity when the amount of missing information is varied in a naturally structured environment. It has long been known that transitivity and even weak stochastic transitivity is violated in human choice behavior. These results together with the present findings demand an explanation that goes beyond the concept of randomness and discriminability as preferred in classical models of rational choice. It is concluded that fast and frugal heuristics offer such an explanation.
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1999-03-19
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Authors: | Lages, Martin ; Hoffrage, Ulrich ; Gigerenzer, Gerd |
Institutions: | Sonderforschungsbereich 504 "Rationalitätskonzepte, Entscheidungsverhalten und ökonomische Modellierung", Abteilung für Volkswirtschaftslehre ; Sonderforschungsbereich 504, University of Mannheim |
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Type of publication: | Book / Working Paper |
Notes: | Financial Support from the Deutsche Forschungsgemeinschaft, SFB 504, at the University of Mannheim, is gratefully acknowledged. The text is part of a series sfbmaa Number 99-49 20 pages |
Source: |
Persistent link: https://www.econbiz.de/10005761173
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