3. Economist Gerd Gigerenzer characterizes heuristics as fast and frugal ways of reaching decisions. Are there any

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3. Economist Gerd Gigerenzer characterizes heuristics as “fast and frugal” ways of reaching decisions. Are there any costs to heuristics being “fast and frugal”? Explain and give an example of how a fast and frugal method for doing something in everyday life comes at some costs in terms of other attributes forgone.

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