How do human beings make decisions when, as the evidence indicates, the assumptions of the Bayesian rationality … 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 …

ecological rationality research program, it presents the main factors that determine economic choices, before exploring the most … algorithms applied by people in decision-making processes, among which there are outstanding social concerns. Drawing these … elements together, the author presents a seminal model combining preferences and heuristics to explain choices in the …

also suggests new ways in which the theory might be developed to increase its predictive, analytic, and evaluative power …

, the quality of decision-making may differ at the market and macro levels from what has been observed in laboratory … choice theory as the reference point for judging the quality of real-world decisions. It argues that choice is an activity …

, the quality of decision-making may differ at the market and macro levels from what has been observed in laboratory … choice theory as the reference point for judging the quality of real-world decisions. It argues that choice is an activity …

The standard tool for analysing social dilemmas is game theory. They are reconstructed as prisoner dilemma games. This … typically not based on ad hoc calculation. Rather, individuals rely on situational heuristics for the purpose. This paper does … two things: it offers a model of heuristics, in the interest of making behaviour that is guided by heuristics comparable …

successful use of heuristics in business decision making can be understood by using ecological rationality as an investigative …Behavioral economists use psychological findings to evaluate and revise economic decision theory, to build models that … neoclassical rationality. One of the main sources of psychological insight is the heuristics and biases research program. This …

The ecological rationality of heuristics has been extensively investigated in the domain of individual decision making … versus more complex decision policies (or strategies) from the experimental game theory literature is an important first step …. In strategic decision making, however, the focus has been on repeated games, and there is a lack of research on 1-shot …