Homo Heuristicus: Decision Making in an Uncertain World

Can less be more? In a world characterised by uncertainty, simple rules — known as heuristics — often lead to better decisions than complex algorithms. These heuristics are not only more efficient but also easier to understand and apply. This talk explores the concept of the adaptive toolbox (the repertoire of heuristics available to individuals or organisations) and examines its ecological rationality — how these heuristics leverage the structure of the environment to achieve effective outcomes. Gerd Gigerenzer will demonstrate when less can be more, and why.

Prof. Gerd Gigerenzer
Former director Max Planck Institute for Human Development, director Harding Center for Risk Literacy, University of Potsdam, vice-president European Research Council

This lecture is organised by Studium Generale and the School of Business and Economics (SBE). The Joan Muysken Lecture has been named after SBE’s first professor of macroeconomics (1984-2014), who was the founding father of the department of economics at SBE.