In a complex and uncertain world, humans and animals make decisions under the constraints of limited knowledge, resources, and time. Yet models of rational decision making in economics, cognitive science, biology, and other fields largely ignore these real constraints and instead assume agents...

Simple statistical forecasting rules, which are usually simplifications of classical models, have been shown to make better predictions than more complex rules, especially when the future values of a criterion are highly uncertain. In this article, we provide evidence that some of the fast and...

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...

I specify general criteria for models of bounded rationality and discuss specific models for satisficing inference. The task of these fast and frugal algorithms is to infer unknown features of their environment under the constraints of limited knowledge, limited time, and limited computational...