To survive in a world where knowledge is limited, time is pressing, and deep thought is often an unattainable luxury, decision-makers must use bounded rationality. In this precis of Simple heuristics that make us smart, we explore fast and frugal heuristics—simple rules for making decisions

This is the manuscript that was published, with only minor copy-editing alterations, as: Haidt, J. (2001). The emotional dog and its rational tail: A social intuitionist approach to moral judgment. Psychological Review. 108, 814-834 Copyright 2001, American Psychological Association To obtain a

economics, rationality Most real decisions, unlike those of economics texts, have a status quo alternative-that is, doing noth-ing or maintaining one’s current or previous decision. A series of decision-making experiments shows that individuals disproportionately stick with the status quo. Data

for users to rate articles after they read them. Rating servers, called Better Bit Bureaus, gather and disseminate the ratings. The rating servers predict scores based on the heuristic that people who agreed in the past will probably agree again. Users can protect their privacy by entering ratings under

prove three theorems. First, every strategy-proof voting procedure is dictatorial. Second, this paper’s strategy-proofness condition for voting procedures corre-sponds to Arrow’s rationality, independence of irrelevant alternatives, non-negative response, and citizens ’ sovereignty conditions for social

Tabu Search is a metaheuristic that guides a local heuristic search procedure to explore the solution space beyond local optimality. One of the main components of tabu search is its use of adaptive memory, which creates a more flexible search behavior. Memory based strategies are therefore

. Ross This paper uses an intertemporal general equilibrium asset pricing model to study the term structure of interest rates. In this model, anticipations, risk aversion, investment alternatives, and preferences about the timing of consumption all play a role in determining bond prices. Many

physics for over forty years, and, in the last few years, the related method of "Gibbs sampling" has been applied to problems of statistical inference. Concurrently, an alternative method for solving problems in statistical physics by means of dynamical simulation has been developed as well

An architecture for a rational agent must allow for means-end reasoning, for the weighing of competing alternatives, and for interactions between these two forms of reasoning. Such an architecture must also address the problem of resource boundedness. We sketch a solution of the first problem

. The study of decisions addresses both normative and descriptive questions. The normative analysis is concerned with the nature of rationality and the logic of decision making. The descriptive analysis, in contrast, is concerned with people's beliefs and preferences as they are, not as they should be