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On the descriptive validity and prescriptive utility of fast and frugal models

  • Clare Harries (a1) and Mandeep K. Dhami (a2)

Abstract

Simple heuristics and regression models make different assumptions about behaviour. Both the environment and judgment can be described as fast and frugal. We do not know whether humans are successful when being fast and frugal. We must assess both global accuracy and the costs of Type I and II errors. These may be “smart heuristics that make researchers look simple.”

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On the descriptive validity and prescriptive utility of fast and frugal models

  • Clare Harries (a1) and Mandeep K. Dhami (a2)

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