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We all want more information in order to make better decisions and calculate risk, but oftentimes that information is scarce. This new strategy, based on extensive cognitive and economic research, shows how to make financial decisions through a 'fast and frugal' method.

Fast and Frugal Decision Making: Rethinking Behavioral Economics and Finance

Rethinking Behavioral Economics through the Science of Heuristics Preliminary Table of Contents Preface by Gerd Gigerenzer Chapter 1: Heuristic Decision Making An overview of scientific conceptions and definitions Research questions related to different conceptions Two research programs Behavioral economics implications: Behavioral insight and beyond Chapter 2: Rationality of beliefs, actions, and norms Visions of rationality in decision science The relative place of heuristics, logic, and statistics Bounded rationality Behavioral economics implications: Design of Institutions Chapter 3: Ecological rationality As a cognitive program of study As a type of rationality in economic decision making As a normative benchmark Behavioral economics implications: Simple solutions for complex problems Chapter 4: Risk and uncertainty Frank Knight's typology of risk and uncertainty in the market Jimmy Savage's formulation of von Neumann-Morgenstern expected utility Artificial intelligence treatment of the bias-variance dilemma Homo economicus vs. Homo heuristicus Behavioral economics implications: How to minimize the magnitude of financial crises Chapter 5: Process of information Deductive, inductive, and heuristic Creation of knowledge Distinction between the actor and the modeler Preference vs. inference Behavioral economics implications: Improving the health care system Chapter 6: Fast-and-frugal heuristics Mind as an adaptive toolbox Categories and their members Building blocks Rules and manifestations Behavioral economics implications: Risk savvy citizens in a democracy