RESPONSE TO VUORI AND VUORI'S COMMENTARY ON "HEURISTICS IN THE STRATEGY CONTEXT"

We recently introduced a research program on how firms can effectively capture fleeting opportunities using heuristics. Heuristics, we advocate, are the essence of strategy, especially in unpredictable markets where opportunities are often numerous, fast moving, and uncertain. Our emphasis on heuristics invites comparison with prominent research programs in cognitive psychology. We address this opportunity by comparing our simple rules heuristics approach with heuristics-and-biases and fast-and-frugal heuristics research. Collectively, the three approaches offer a rich understanding of heuristics. Copyright (c) 2014 John Wiley & Sons, Ltd.