Simple statistical forecasting rules, which are usually simplifications of classical models, have been shown to make better predictions than more complex rules, especially when the future values of a criterion are highly uncertain. In this article, we provide evidence that some of the fast and...

The advantage of models that do not use flexible parameters is that one can precisely show to what degree they predict behavior, and in what situations. In three issues of this journal, the recognition heuristic has been examined carefully from many points of view. We comment here on four...

The recognition heuristic exploits the basic psychological capacity for recognition in order to make inferences about unknown quantities in the world. In this article, we review and clarify issues that emerged from our initial work (Goldstein & Gigerenzer, 1999, 2002), including the distinction...

How accurate are laypeople's intuitions about probability distributions of events? The economic and psychological literatures provide opposing answers. A classical economic view assumes that ordinary decision makers consult perfect expectations, while recent psychological research has emphasized...

Investing for retirement is one of the most consequential yet daunting decisions consumers face. We present a way to both aid and understand consumers as they construct preferences for retirement income. The method enables consumers to build desired probability distributions of wealth...

In this paper we propose the use of <I>preferred outcome</I> distributions as a new method to elicit individuals' value and probability weighting functions in decisions under risk. Extant approaches for the elicitation of these two key ingredients of individuals' risk attitude typically rely on a long,...</i>