Cookies

We use cookies to ensure that we give you the best experience on our website. You can change your cookie settings at any time. Otherwise, we'll assume you're OK to continue.


Durham Research Online
You are in:

The similarity heuristic.

Read, Daniel and Grushka-Cockayne, Yael (2007) 'The similarity heuristic.', Working Paper. Durham University, Durham.

Abstract

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)
Status:Not peer-reviewed
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

Social bookmarking: del.icio.usConnoteaBibSonomyCiteULikeFacebookTwitterExport: EndNote, Zotero | BibTex
Usage statisticsLook up in GoogleScholar | Find in a UK Library