This paper presents an axiomatic framework for the priority heuristic, a model of bounded rationality in Selten’s (in: Gigerenzer and Selten (eds.) Bounded rationality: the adaptive toolbox, <CitationRef CitationID="CR32">2001</CitationRef>) spirit of using empirical evidence on heuristics. The priority heuristic predicts actual human...</citationref>

In optimal stopping problems, decision makers are assumed to search randomly to learn the utility of alternatives; in contrast, in one-shot multi-attribute utility optimization, decision makers are assumed to have perfect knowledge of utilities. We point out that these two contexts represent the...

How many judgment and decision making (JDM) researchers have not claimed to be building on Herbert Simon's work? We identify two of Simon's goals for JDM research: He sought to understand people's decision processes---the descriptive goal---and studied whether the same processes lead to good...

I show how the coherence/correspondence distinction can inform the conversation about decision methods for engineering design. Some engineers argue for the application of multi-attribute utility theory while others argue for what they call heuristics. To clarify the differences among methods, I...

In this paper we investigated how many causes girls, young women, and mothers could generate in two scenarios involving a hypothetical crying baby. We wanted to test whether girls were as good as young women and mothers in generating the a priori most likely causes.

Research on bounded rationality has two cultures, which I call 'idealistic' and 'pragmatic'. Technically, the cultures differ on whether they (1) build models based on normative axioms or empirical facts, (2) assume that people's goal is to optimize or to satisfice, (3) do not or do model...

<title>Abstract</title> In recent years, there has been a growing interest in a range of transport policy initiatives which are designed to influence people’s travel behaviour away from single‐occupancy car use and towards more benign and efficient options, through a combination of marketing, information,...

In many organizations point estimates labelled as 'forecasts' are produced by human judgment rather than statistical methods. However, when these estimates are subject to asymmetric loss they are, in fact, decisions because they involve the selection of a value with the objective of minimizing...