The fast-and-frugal heuristics approach to probabilistic inference assumes that individuals often employ simple heuristics to integrate cue information that commonly function in a non-reciprocal fashion. Specifically, the subjective validity of a certain cue remains stable during the application...

When faced with multi-outcome gambles involving possibilities of both gains and losses, people often use a simple heuristic that maximizes the overall probability of winning (Pwin). Across three different studies, using choice data as well as process data from eye tracking, we demonstrate that...

This paper uses simulation experiments to compare optimal and adaptive decision mechanisms for firms modelled as operating in a duopoly. Optimal decision policies are derived using a dynamic programming approach based on the Cyert-DeGroot (Cyert, R. M., M. H. DeGroot. 1970. Muhiperiod decision...