HughRistik comments on Good Quality Heuristics - Less Wrong
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It's a heuristic. It's up to one's judgement how or whether to apply it in any situation.
Myself, I'd draw the line wider than just large, important decisions.
Ok, this answers my question above.
Perhaps it's useful, when discussing heuristics, to describe the type of problem they are best applied to. The worth of the heuristic doesn't just lie in itself, but also lies in knowing when to apply it.