What are heuristics in the context of decision making?

Heuristics in the context of decision making refer to mental shortcuts or rules of thumb that simplify the process of making choices or solving problems. These techniques allow individuals to process information quickly and efficiently, enabling them to make decisions without needing to analyze every detail or consider every possible alternative. Heuristics can be particularly useful in situations where time is constrained or when information is incomplete, as they provide a way to arrive at a conclusion based on past experiences or common sense.

For example, a person might use a heuristic like "if it worked for my friend, it should work for me" when selecting a product, rather than conducting extensive research. While heuristics can lead to satisfactory outcomes most of the time, they can also result in cognitive biases or errors in judgment.

This understanding distinguishes heuristics from other decision-making processes. Procedural steps and formal guidelines, for instance, involve more structured approaches that require thorough consideration and can be more time-consuming. In contrast, heuristics prioritize speed and efficiency over exhaustive analysis, which is why they are categorized as shortcuts developed for simplifying decisions.