A fast and frugal tree is a really useful heuristic of heuristics, I think. You start with a certain feature and that could be the leverage ratio. So it's not like a linear equation where everything compensates with everyone. And we have tested this fast andfrugal trees in many situations. They are used in medicine and other areas.
Psychologist and author Gerd Gigerenzer of the Max Planck Institute for Human Development talks about his book Gut Feelings with EconTalk host Russ Roberts. Gigerenzer argues for the power of simple heuristics--rules of thumb--over more complex models when making real-world decisions. He argues that many results in behavioral economics that appear irrational can be understood as sensible ways of coping with complexity.