This is a really fascinating talk on heuristics shared by Pete Boettke.
What I found most interesting was the part at the end when he was talking about the bias-variance tradeoff in using heuristics. It was kind of ironic - he was showing us a graph of the prediction error as a function of the order of the polynomial, and minimizing it. In other words, he was optimizing again. It's important to keep this in mind - heuristics aren't an alternative to optimization. They are a kind of optimization. What they are an alternative to is calculation.
1 hour ago