Whereas classic work in judgment and decision making has focused on the deviation of intuition from rationality, more recent research has focused on the performance of intuition in real-world environments. Borrowing from both approaches, we investigate to which extent competing models of intuitive probabilistic decision making overlap with choices according to the axioms of probability theory and how accurate those models can be expected to perform in real-world environments. Specifically, we assessed to which extent heuristics, models implementing weighted additive information (...) integration (WADD), and the parallel constraint satisfaction (PCS) network model approximate the Bayesian solution and how often they lead to correct decisions in a probabilistic decision task. PCS and WADD outperform simple heuristics on both criteria with an approximation of 88.8% and a performance of 73.7%. Results are discussed in the light of selection of intuitive processes by reinforcement learning. (shrink)

Some researchers on binary choice inference have argued that people make inferences based on simple heuristics, such as recognition, fluency, or familiarity. Others have argued that people make inferences based on available knowledge. To examine the boundary between heuristic and knowledge usage, we examine binary choice inference processes in terms of attribute substitution in heuristic use (Kahneman & Frederick, 2005). In this framework, it is predicted that people will rely on heuristic or knowledge‐based inference depending on the subjective difficulty of (...) the inference task. We conducted competitive tests of binary choice inference models representing simple heuristics (fluency and familiarity heuristics) and knowledge‐based inference models. We found that a simple heuristic model (especially a familiarity heuristic model) explained inference patterns for subjectively difficult inference tasks, and that a knowledge‐based inference model explained subjectively easy inference tasks. These results were consistent with the predictions of the attribute substitution framework. Issues on usage of simple heuristics and psychological processes are discussed. (shrink)