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Microeconomics 20th Edition by McConnell, Sean Flynn, Stanley Brue
Edition 20ISBN: 978-1308221281Microeconomics 20th Edition by McConnell, Sean Flynn, Stanley Brue
Edition 20ISBN: 978-1308221281 Exercise 3
Economist Gerd Gigerenzer characterizes heuristics as "fast and frugal" ways of reaching decisions. Are there any costs to heuristics being "fast and frugal" Explain and give an example of how a fast and frugal method for doing something in everyday life comes at some costs in terms of other attributes forgone.
Explanation
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Cost of fast and economic of heuristics:...
Microeconomics 20th Edition by McConnell, Sean Flynn, Stanley Brue
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