possess a toolkit of heuristics to make decisions under certainty, risk, subjective uncertainty, and true uncertainty (or … Knightian uncertainty). We outline recent advances in knowledge about the use of heuristics and departures from Bayesian …, founded on psychological work on the usefulness of certain heuristics, are based on serious misunderstandings …

economic theory suggests to solve the decision problem. But since real decision makers can hardly be expected to behave …In this paper I consider a complex decision problem where subjects have to cope with a time horizon of uncertain … according to the theoretical solution in the problem at hand, I describe several heuristics or rules of thumb and investigate …