Heuristics (Behavioural Economics)
- Levels: AS, A Level, IB
- Exam boards: AQA, Edexcel, OCR, IB, Eduqas, WJEC
In general terms, a heuristic is a method or technique that people use to help them make a decision or solve a problem more quickly. We often use the phrase rule of thumb to mean the same thing.
The outcome from using the heuristic may not be perfect or optimised, but is usually “good enough”. The term was developed, along with bounded rationality and satisficing, by the cognitive scientist Herbert Simon.
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- Economics
- Student videos
- Behavioural Economics
- Homo Economicus
- Satisficing
- Heuristics
- Bounded rationality
Geoff Riley
Geoff Riley FRSA has been teaching Economics for over thirty years. He has over twenty years experience as Head of Economics at leading schools. He writes extensively and is a contributor and presenter on CPD conferences in the UK and overseas.
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