Fast and frugal ways of reaching decisions

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Reference no: EM131405293

Economist Gerd Gigerenzer characterizes heuristics as "fast and frugal" ways of reaching decisions. Are there any costs to heuristics being "fast and frugal"? Explain and give an example of how a fast and frugal method for doing something in everyday life comes at some costs in terms of other attributes forgone.

Reference no: EM131405293

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