Thursday, 19 June 2014

How good are fast and frugal heuristics?

Eric Schulz, who will soon start his PhD in the lab, has written a nice blog post comparing Take the Best (TTB), a fast-and-frugal heuristic, to more statistical and less frugal approaches. It appears that in the original comparison published by the ABC group, which showed that TTB can outperform methods such as regression, the methods were not trained in the same way. In his new comparison, Eric shows that TTB is outperformed by (logistic) regression and other techniques. Read the full post on Eric's personal blog here.