An analysis of the use of heuristics to understand the dynamics of modern decision making

The use of heuristics in decision making and the biases resulting from these heuristics has been a subject of debate among researchers long ago. Rational decision making has very much importance while studying heuristics. But sometimes due to cognitive and environmental factors, rationality of human beings becomes bounded and they rely on guess and hunches, thereby paving ways for biases to occur in decision making. The aim of this study is to examine the role of heuristics in understanding the dynamics of modern decision making. Critical analyses and argumentation was used throughout the study to analyze the data and to draw inferences. Critique of the research on heuristics in decision making was discussed. It was found that a better understanding of heuristics can improve modern decision making.