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Fast and Frugal Heuristics  

Konstantinos V. Katsikopoulos

Polymath, and also political scientist, Herbert Simon dared to point out that the amounts of time, information, computation, and other resources required for maximizing utility far exceed what is possible when real people have to make real decisions in the real world. In psychology, there are two main approaches to studying actual human judgment and decision making—the heuristics-and-bias and the fast-and-frugal-heuristics research programs. A distinctive characteristic of the fast-and-frugal-heuristics program is that it specifies formal models of heuristics and attempts to determine when people use them and what performance they achieve. These models rely on a few pieces of information that are processed in computationally simple ways. The information and computation are within human reach, which means that people rely on information they have relatively easy access to and employ simple operations such as summing or comparing numbers. Research in the laboratory and in the wild has found that most people use fast and frugal heuristics most of the time if a decision must be made quickly, information is expensive financially or cognitively to gather, or a single/few attributes of the problem strongly point towards an option. The ways in which people switch between heuristics is studied in the framework of the adaptive toolbox. Work employing computer simulations and mathematical analyses has uncovered conditions under which fast and frugal heuristics achieve higher performance than benchmarks from statistics and machine learning, and vice versa. These conditions constitute the theory of ecological rationality. This theory suggests that fast and frugal heuristics perform better than complex optimization models if the available information is of low quality or scarce, or if there exist dominant options or attributes. The bias-variance decomposition of statistical prediction error, which is explained in layperson’s terms, underpins these claims. Research on fast and frugal heuristics suggests a governance approach not based on nudging, but on boosting citizen competence.

Article

Bounded Rationality and Cognitive Limits in Political Decision Making  

Brooke N. Shannon, Zachary A. McGee, and Bryan D. Jones

Bounded rationality conceives of people engaging in politics as goal oriented but endowed with cognitive and emotional architectures that limit their abilities to pursue those goals rationally. Political institutions provide the critical link between micro- and macro-processes in political decision-making. They act to (a) compensate for those bounds on rationality; (b) make possible cooperative arrangements not possible under the assumptions of full or comprehensive rationality; and (c) fall prey to the same cognitive and emotional limits or canals that individual humans do. The cognitive limitations that hamper individuals are not only replicated at the organizational level but are in fact causal.