Tuesday, November 03, 2009

Predictably Irrational: heursitics and coffee shops

Predictably Irrational:
"...what do we do when we need to make decisions but making them “correctly” is too time consuming and difficult? We adopt simplifying rules, which academics call heuristics, and these heuristics provide us with actionable outcomes that might not be ideal but they help us to reach a decision. In the case of coffee and other, similar decisions, one of the heuristics we often use is to look at our own past behaviors and if we find evidence of relevant past decisions, we simply repeat those"

In many ways this is yet another form of anchoring. BTW I highly recommend the Predictably Irrational Blog. It is predictably wonderful.

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