mental shortcuts to make decisions

A rule of thumb or a shortcut that helps solve a problem or make a decision quickly and efficiently.

Unlike algorithms, it is not always successful. It cuts the time needed to make a decision, but it does not always guarantee a solution / the right solution.

First formulated by Herbert A Simon - a cognitive psychologist and economist - in the 1950s

More was added by Daniel Kahneman and Amos Tversky in the 1970s

common heuristics are availability heuristic how readily we are able to come up with examples representative heuristic making judgments or assumptions based on how closely something or someone fits our preconceived prototype or mental representation anchoring and adjustment heuristics involves relying heavily on an initial piece of information (the anchor) and adjusting subsequent judgments or decisions based on that anchor affect heuristic decisions based on our moods and emotions

see also: Thinking and Reasoning algorithms cognitive bias