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All of us use heuristics--that is, we reach conclusions using shorthand cues without using or analyzing all of the available information. Heuristics pervade all aspects of life, from the most mundane practices to more important ones, like economic decision making and politics. People may decide how fast to drive merely by mimicking others around them or decide in which safety project to invest public resources based on the past disasters most readily called to mind. Not surprisingly, opinions vary about our tendency to use heuristics. The 'heuristics and biases' school argues that the practice often leads to outcomes that are not ideal: people act on too little information, make incorrect assumptions, and don't understand the consequences of their actions. The 'fast and frugal' school contends that while mistakes will inevitably occur, the benefits generally outweigh the costs--not only because using heuristics enables us to reach judgments given realistic constraints of time and atten
