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HomeHomework HelppsychologyHeuristics in Decision Making

Heuristics in Decision Making

Heuristics are mental shortcuts or rules of thumb that simplify decision making, often based on past experiences or common patterns, but can lead to biases and errors in judgment.

intermediate
2 hours
Psychology
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Overview

Heuristics are essential tools in decision making, allowing individuals to navigate complex choices quickly. They simplify the cognitive process by relying on past experiences and mental shortcuts, which can be beneficial in many situations. However, they can also lead to cognitive biases, resulting...

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Key Terms

Heuristic
A mental shortcut for problem-solving.

Example: Using a rule of thumb to estimate costs.

Availability Heuristic
Judging the likelihood of events based on their availability in memory.

Example: Thinking plane crashes are common after hearing about one.

Representativeness Heuristic
Assessing similarity based on stereotypes.

Example: Assuming a tall person is a basketball player.

Cognitive Bias
Systematic patterns of deviation from norm or rationality in judgment.

Example: Overconfidence bias in self-assessment.

Anchoring
Relying too heavily on the first piece of information encountered.

Example: Using an initial price as a reference for negotiation.

Adjustment
Modifying initial estimates based on new information.

Example: Adjusting a budget after receiving new data.

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Study of mental processes including perception, memory, and decision making.
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Key Concepts

Availability HeuristicRepresentativeness HeuristicAnchoringAdjustment