Gerd Gigerenzer: What Can Economists Know? 2/5

The video explores decision making under uncertainty, contrasting it with decision making under risk. It critiques traditional rational choice theory and highlights the role of heuristics as effective tools in uncertain environments. Through examples, it demonstrates how heuristics can outperform complex models in certain situations. The video concludes by emphasizing the importance of simplicity and robustness in decision making.

What new insight or understanding did you gain from this video?