Show Summary Details

Page of

PRINTED FROM OXFORD HANDBOOKS ONLINE (www.oxfordhandbooks.com). © Oxford University Press, 2018. All Rights Reserved. Under the terms of the licence agreement, an individual user may print out a PDF of a single chapter of a title in Oxford Handbooks Online for personal use (for details see Privacy Policy and Legal Notice).

date: 20 May 2019

Abstract and Keywords

According to the program reviewed in this chapter, people—including experts—use fast-and-frugal heuristics. These heuristics are models of bounded rationality that function well under limited knowledge, memory, and computational capacities. These heuristics are ecologically rational: they are fitted to the structure of information in the environment. While studying experts in the context of this program amounts to modeling them with fast-and-frugal heuristics, studying the acquisition of expertise focuses on how laypeople learn such heuristics. Experts can be viewed as intuitive statisticians. They have larger samples than novices and they are—through experience, education, and feedback—able to construct both accurate models of their environment and smart heuristics. Because fast-and-frugal heuristics do not require complex calculation and are typically easy to set up, this program offers a straightforward way to aid experts: After the heuristics’ performance has been determined under various environmental conditions, experts can be educated about these results.

Keywords: bounded rationality, experts, fast-and-frugal trees, heuristics, intuition

Access to the complete content on Oxford Handbooks Online requires a subscription or purchase. Public users are able to search the site and view the abstracts and keywords for each book and chapter without a subscription.

Please subscribe or login to access full text content.

If you have purchased a print title that contains an access token, please see the token for information about how to register your code.

For questions on access or troubleshooting, please check our FAQs, and if you can''t find the answer there, please contact us.