Read, Daniel and Grushka-Cockayne, Yael. (2010) The similarity heuristic. Journal of Behavioral Decision Making, Vol.24 (No.1). pp. 23-46. ISSN 0894-3257

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Abstract

Decision makers often make snap judgments using fast-and-frugal decision rules called cognitive heuristics. Research into cognitive heuristics has been divided into two camps. One camp has emphasized the limitations and biases produced by the heuristics; another has focused on the accuracy of heuristics and their ecological validity. In this paper we investigate a heuristic proposed by the first camp, using the methods of the second. We investigate a subset of the representativeness heuristic we call the “similarity” heuristic, whereby decision makers who use it judge the likelihood that an instance is a member of one category rather than another by the degree to which it is similar to others in that category. We provide a mathematical model of the heuristic and test it experimentally in a trinomial environment. In this environment, the similarity heuristic turns out to be a reliable and accurate choice rule and both choice and response time data suggest it is also how choices are made. We conclude with a theoretical discussion of how our work fits in the broader “fast-and-frugal” heuristics program, and of the boundary conditions for the similarity heuristic. Copyright © 2009 John Wiley & Sons, Ltd.

Item Type:	Journal Article
Divisions:	Faculty of Social Sciences > Warwick Business School > Behavioural Science Faculty of Social Sciences > Warwick Business School
Journal or Publication Title:	Journal of Behavioral Decision Making
Publisher:	John Wiley & Sons Ltd.
ISSN:	0894-3257
Date:	2010
Volume:	Vol.24
Number:	No.1
Page Range:	pp. 23-46
Identification Number:	10.1002/bdm.679
Status:	Peer Reviewed
Publication Status:	Published
Access rights to Published version:	Restricted or Subscription Access
URI:	http://wrap.warwick.ac.uk/id/eprint/47773

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