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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 this allows rational decisionmaking
uncorrupted by social ties captured in the old line "it's just
business". (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. (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
thereby predicted. This is the application of analytical
reductionist thinking to a dynamic holistic problem. This is the
idea behind climate analysis. At the end of the day, it could be
argued that the great advantage of computer modeling is that it
forces the analyst to think through the parameters of the reality

being modeled.

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