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Behavioural Economics - Heuristics
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In general terms, a heuristic is a method or technique that people use to help them make a decision or solve a problem more quickly. We often use the phrase rule of thumb to mean the same thing. The outcome from using the heuristic may not be perfect or optimised, but is usually “good enough”. The term was developed, along with bounded rationality and satisficing, by the cognitive scientist Herbert Simon. - - - - - - - - - MORE ABOUT TUTOR2U ECONOMICS: Visit tutor2u Economics for thousands of free study notes, videos, quizzes and more: https://www.tutor2u.net/economics A Level Economics Revision Flashcards: https://www.tutor2u.net/economics/store/selections/alevel-economics-revision-flashcards A Level Economics Example Top Grade Essays: https://www.tutor2u.net/economics/store/selections/exemplar-essays-for-a-level-economics
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https://youtu.be/mTMbBppmv-k
Created:
10. 3. 2021 18:56:20