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When the little buzzer went off after three minutes, I was (typically) still in the process of trying to explain to my bedazzled dating partner why my last name has three syllables (it’s Dutch).
As you can imagine, I did not find the love of my life.
For example, in three studies predicting stock market performance, portfolios of stocks based on recognition (a constructed set of the most recognized stocks) outperformed (on average) managed funds, chance portfolios and stock expert predictions.
Rather, the author postulates that over millions of years of human evolution, such “smart” and adaptive heuristics have successfully guided our decision making in various (uncertain) environments.
In short, we use all kinds of heuristics on a daily basis and apparently we do so for a good reason.
In particular, people tend to assume that it is always a good thing to think long and hard about everything, consciously deliberating different potential outcomes and rationally weighing different pros and cons.
However, an emerging field of research is questioning this traditional view.