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 …

both outcomes and options. In contrast, objectively rational decision heuristics are useful under predictable risk. Our … uncertainty in entrepreneurial decision making, often overlooks the positive role of heuristics … absolute uncertainty, heuristics are useful design rules that aid entrepreneurs’ judgment by synthesizing mental models and …