An article by AgeLab Postdoctoral Associate Martina Raue in behavioraleconomics.com charts an ongoing debate in psychology and economics: are heuristics, the cognitive shortcuts we use to make decisions, helpful to us or harmful to us? Dr. Raue writes:
"Uncertainty, time constraints, and incomplete knowledge are all parts of everyone’s daily life; consequently, heuristics are useful tools we all rely on, often with success and sometimes with failure. The two approaches that study heuristics do not have to be conflicting, as both schools offer important insights into human decision-making and valuable tools to support decisions under uncertainty."
Read Dr. Raue's thoughts in full here.