In contrast to the widely held view that less complex processing necessarily reduces accuracy, the analytical and empirical analyses of fast and frugal heuristics demonstrate that less information and computation can in fact improve accuracy (Gigerenzer, Hertwig & Pachur 2011).
- familiarity: with place or situation
- acceptance: group pressure
- commitment: consistency with previous experience
- expert halo: charisma or knowledge (power)
- scarcity: rarity of the situation
- social proof: risky shift
Your taskImagine that you are buying a used car worth £2000, for which you are taking out a car loan.Which elements of your decision-making follow the rational decision-making typology suggested previously and which elements are instinctual/gut feelings?
ReferencesGigerenzer, G., Hertwig, R., and Pachur, T. (2011) Heuristics: The Foundations of Adaptive Behaviour. Oxford: Oxford University PressKanheman D. (2011) Thinking, Fast and Slow. New York: Farrar, Straus and Giroux McCammon, I. (2002) ‘Evidence of Heuristic Traps in Recreational Avalanche Accidents’. in Proceedings ISSW. held 2002. 244-251
Emergency Management: Risk, Incidents and Leadership
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