Discussion 2.1 - Heuristics

1.Review the 7 heuristics used for decisions involving multiple objectives described from pp 16 -23 of the text (see below). –Recognition heuristic –Minimalist strategy –Take the last –Lexicographic/semi-lexicographic strategy –Elimination by aspects –Sequential decision making: satisficing –Reason-based choice 2. When making complex decisions, which of these heuristics do you tend to use? What are the potential benefits and/or disbenefits? Give examples.