Fast and frugal forecasting

B-Tier
Journal: International Journal of Forecasting
Year: 2009
Volume: 25
Issue: 4
Pages: 760-772

Authors (2)

Score contribution per author:

1.009 = (α=2.02 / 2 authors) × 1.0x B-tier

α: calibrated so average coauthorship-adjusted count equals average raw count

Abstract

Simple statistical forecasting rules, which are usually simplifications of classical models, have been shown to make better predictions than more complex rules, especially when the future values of a criterion are highly uncertain. In this article, we provide evidence that some of the fast and frugal heuristics that people use intuitively are able to make forecasts that are as good as or better than those of knowledge-intensive procedures. We draw from research on the adaptive toolbox and ecological rationality to demonstrate the power of using intuitive heuristics for forecasting in various domains including sport, business, and crime.

Technical Details

RePEc Handle
repec:eee:intfor:v:25:y:2009:i:4:p:760-772
Journal Field
Econometrics
Author Count
2
Added to Database
2026-01-25