From Shakespeare to Simon: Speculations-and Some Evidence- About Man's Ability to Process Information

Abstract

Recent experimental evidence is marshalled in support of the position that man's limited memory, attention, and reasoning capabilities lead him to apply simple strain-reducing cognitive strategies for processing information when making judgments and decisions. These strategies portray decision processes in a manner quite different from traditional normative and descriptive models. In some situations, these strategies may produce good decisions; in others, they may lead to serious mistakes. Relevance of these findings for important "real-world" (i.e., non-laboratory) decisions is discussed.

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