39 of 41 people found the following review helpful
Smart book that makes decision making simple!,
This review is from: Simple Heuristics That Make Us Smart (Paperback)
This book introduced me to an exciting new way of thinking about decision making. "Heuristics" is basically just a fancy word for "rules of thumb" and the book shows convincingly how simple rules of thumb can go a very long way.
The 18 authors from various academic fields believe that decision rules and the environment in which they are used should always be considered together. Moreover it seems plausible that a simple rule which performs as well as a rule that requires more effort to apply, should be the preferred way of explaining the observed behavior.
The authors propose a bunch of simple heuristics for all kinds of problems. One particularly impressive example was the extremely simple "recognition heuristic" which e.g. proved to be quite successful on the stock market. For all heuristics in the book it is shown that they are easy to use, that they require little memory and computational capacity, and that therefore they appear to be very plausible models for explaining human (and animal) behavior.
If you are interested in decision making and/or if you are working in the fields of psychology, economics, artificial intelligence or related fields, this book is a "must-have"!