Suchergebnisse

Selective pressures favoring rapid decisions would have led to the evolution of simple decision-making mechanisms that could take the form of heuristics and rules that use as little available information as possible. Such decision heuristics can only be ecologically rational—yielding accurate inferences in particular problem domains—if they exploit the way that information is structured in the environment. The author presents a variety of fast and frugal heuristics that are ecologically rational and shows how they can be organized in the mind's adaptive toolbox of decision-making strategies.

In the age of the Internet and easy access to almost infinite information, the problem of information overload among consumers is bound to become of great importance to marketers. By means of simulations we show that this 'tyranny of choice' is avoidable. Consumers can neglect most product information and yet make good choices, so long as either there is no conflict among the product attributes or the attributes are unequally important. In these conditions, only one attribute is enough to select a good option - one within ten percent of the highest value possible. We conclude with marketing implications of these findings.