Read, Daniel and Grushka-Cockayne, Yael (2007) 'The similarity heuristic.', Working Paper. Durham University, Durham.
Decision makers are often called on to make snap judgments using fast-and- frugal decisionrules called cognitive heuristics. Although early research into cognitive heuristicsemphasized their limitations, more recent research has focused on their high level ofaccuracy. In this paper we investigate the performance a subset of the representativenessheuristic which we call the similarity heuristic.Decision makers who use it judge the likelihood that an instance is a member of one category rather than another by the degree towhich it is similar to others in that category. We provide a mathematical model of theheuristic and test it experimentally in a trinomial environment. The similarity heuristic turnsout to be a reliable and accurate choice rule and both choice and response time data suggest itis also how choices are made.
|Item Type:||Monograph (Working Paper)|
|Keywords:||Heuristics and biases, Fast-and-frugal heuristics, Similarity, Representative design, Base-rate neglect, Bayesian inference.|
|Full text:||PDF - Published Version (287Kb)|
|Publisher Web site:||http://www.dur.ac.uk/business/faculty/working-papers/|
|Record Created:||07 Dec 2012 10:37|
|Last Modified:||16 Oct 2013 13:32|
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