Heuristic

Definition 1

Mental decision-making shortcut often associated with a particular goal or purpose such as “price sensitive,” “brand loyal” and “discount driven.”

Source: Behavioral Science Lab, 2017

Definition 2

Heuristics are commonly defined as cognitive shortcuts or rules of thumb that simplify decisions, especially under conditions of uncertainty. They represent a process of substituting a difficult question with an easier one (Kahneman, 2003). Heuristics can also lead to cognitive biases. There are disagreements regarding heuristics with respect to bias and rationality. In the fast and frugal view, the application of heuristics (e.g. the recognition heuristic) is an “ecologically rational” strategy that makes best use of the limited information available to individuals (Goldstein & Gigerenzer, 2002).

Source: Behavioral Economics