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● Heuristics: The study of the role of heuristics was popularized
in the business context by Tversky and Kahneman. Heuristics
are basically the idea of a "rule of thumb", a

simplifying approach to problem-solving, learning, or discovery.
Heuristic thinking employs a practical method not guaranteed to
be optimal or perfect, but sufficient for the immediate goals.

Where finding an optimal solution is impossible or impractical,
heuristic methods can be used to speed up the process of finding
a satisfactory solution. Heuristics can be mental shortcuts that
ease the cognitive load of making a decision. Examples of this

method include using a rule of thumb, an educated guess,
an intuitive judgment, guesstimate, stereotyping, profiling,

or common sense (Wikipedia).

● Social Embeddedness: The concept of embeddedness refers
to the extent to which to which economic decisions affected by
non-economic institutions (Karl Polanyi; Granovetter). There
are three major ideas. (1) In non-market societies, economic

activity is "embedded" in non-economic kinship, religious and
political institutions. (2) In market societies, economic activities
have been rationalized, and economic activity is "disembedded"

from society and able to follow its own distinctive logic, that can
be captured in economic modeling this allows rational decision-
making uncorrupted by social ties captured in the old line "it's
just business". (3) The distinction between non-market and

market behavior is not perfect. Even in market
societies "rational" economic exchanges are influenced by both
pre-existing and desired social ties. Economic exchanges are not

carried out between strangers but rather by individuals involved
in long-term continuing relationships.

● Computer Modelling: The processing capacity of computers
provides the impression that given enough data and the right set

of algorithms, the dynamics of the context can be modeled and

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