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  1. Reasoning the fast and frugal way: Models of bounded rationality.Gerd Gigerenzer & Daniel Goldstein - 1996 - Psychological Review 103 (4):650-669.
    Humans and animals make inferences about the world under limited time and knowledge. In contrast, many models of rational inference treat the mind as a Laplacean Demon, equipped with unlimited time, knowledge, and computational might. Following H. Simon's notion of satisficing, the authors have proposed a family of algorithms based on a simple psychological mechanism: one-reason decision making. These fast and frugal algorithms violate fundamental tenets of classical rationality: They neither look up nor integrate all information. By computer simulation, the (...)
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