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Short Abstract
To survive in a world where knowledge is limited, time is pressing, and deep thought is often an unattainable luxury, decision-makers must use bounded rationality. In this precis of Simple Heuristics That Make Us Smart, we explore fast and frugal heuristics - simple rules for making decisions with realistic mental resources. These heuristics enable smart choices to be made quickly and with a minimum of information by exploiting the way that information is structured in particular environments. Despite limiting information search and processing, simple heuristics perform comparably to more complex algorithms, particularly when generalizing to new data - simplicity leads to robustness.

Read more about our research on simple heuristics in
Science News
("Simple minds, smart choices," by Bruce Bower, May 29, 1999, p. 348-349; see full text)
New Scientist
("Basic instinct," by Kate Douglas, Sept. 4, 1999, p. 32-35; subscription needed to enter the online archive)