Humans and animals make inferences about the world under limited time and knowledge. In contrast, many models of rational inference treat the mind as a Laplacean Demon, equipped with unlimited time, knowledge, and computational might. Following H. Simon's notion of satisficing, the authors have proposed a family of algorithms based on a simple psychological mechanism: one-reason decision making. These fast and frugal algorithms violate fundamental tenets of classical rationality: They neither look up nor integrate all information. By computer simulation, the (...) authors held a competition between the satisficing "Take The Best" algorithm and various "rational" inference procedures. The Take The Best algorithm matched or outperformed all competitors in inferential speed and accuracy. This result is an existence proof that cognitive mechanisms capable of successful performance in the real world do not need to satisfy the classical norms of rational inference. (shrink)

[Correction Notice: An erratum for this article was reported in Vol 109 of Psychological Review. Due to circumstances that were beyond the control of the authors, the studies reported in "Models of Ecological Rationality: The Recognition Heuristic," by Daniel G. Goldstein and Gerd Gigerenzer overlap with studies reported in "The Recognition Heuristic: How Ignorance Makes Us Smart," by the same authors and with studies reported in "Inference From Ignorance: The Recognition Heuristic". In addition, Figure 3 in the Psychological Review article (...) was originally published in the book chapter and should have carried a note saying that it was used by permission of Oxford University Press.] One view of heuristics is that they are imperfect versions of optimal statistical procedures considered too complicated for ordinary minds to carry out. In contrast, the authors consider heuristics to be adaptive strategies that evolved in tandem with fundamental psychological mechanisms. The recognition heuristic, arguably the most frugal of all heuristics, makes inferences from patterns of missing knowledge. This heuristic exploits a fundamental adaptation of many organisms: the vast, sensitive, and reliable capacity for recognition. The authors specify the conditions under which the recognition heuristic is successful and when it leads to the counter-intuitive less-is-more effect in which less knowledge is better than more for making accurate inferences. (shrink)