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Fast-and-frugal trees are descriptive or prescriptive models of decision making under uncertainty. For instance, an analysis or court decisions reported that the best model of how London magistrates make bail decisions is a fast and frugal tree. [37]
Gigerenzer & Gaissmaier (2011) state that sub-sets of strategy include heuristics, regression analysis, and Bayesian inference. [14]A heuristic is a strategy that ignores part of the information, with the goal of making decisions more quickly, frugally, and/or accurately than more complex methods (Gigerenzer and Gaissmaier [2011], p. 454; see also Todd et al. [2012], p. 7).
System 1 is a bottom-up, fast, and implicit system of decision-making, while system 2 is a top-down, slow, and explicit system of decision-making. [78] System 1 includes simple heuristics in judgment and decision-making such as the affect heuristic , the availability heuristic , the familiarity heuristic , and the representativeness heuristic .
Thinking, Fast and Slow is a 2011 popular science book by psychologist Daniel Kahneman. The book's main thesis is a differentiation between two modes of thought : "System 1" is fast, instinctive and emotional ; "System 2" is slower, more deliberative , and more logical .
Decision rule: Predict that the alternative with the higher cue value has the higher value on the outcome variable. The validity v of a cue is given by v = C/(C+W), where C is the number of correct inferences when a cue discriminates, and W is the number of wrong inferences, all estimated from samples.
Trump condemned a suspected chemical weapons attack in Syria that killed dozens, saying he would likely make a decision on a response by end of day.
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Decision-making involves the use of both automatic and controlled processes, but also depends on the person and situation, and given a person's experiences and current situation the decision process may differ. Given that there are two decision processes with differing goals one is more likely to be more useful in particular situations.