Heuristics and Bias
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To complete this project assignment you will need to have read the assigned chapters in the text for Unit 3 and you will need to complete some independent research the internet on the concept of heuristics.
Heuristics are generally identified as"rules of thumb" that we use when making decisions. We evaluate information we already know, events we've already experienced, and actions we've already taken, to help us make quick and efficient decisions. In the heuristic process we make assumptions based on what we know, what we've done and what we've experienced (thus "rules of thumb").
From your readings in the text this past week we've learned there are three primary types of heuristics; the representativeness heuristic, the availability heuristic and the anchoring & adjustment heuristic.
Post an answer to the following questions:
PART 1 - Based on what you've read and researched; in your opinion, which one of the three primary heuristic types (as listed above) do you believe is the most commonly used?
PART 2 - What information, facts, or data, did you use in coming to your conclusion (why did you select the heuristic you chose?)
PART 3 - Provide at least one, preferably two examples to support your conclusion?
APA Resources are available in the APA Citation Center in the Library.
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Solution Summary
The response addresses the queries posted in 543 words with references.
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The response addresses the queries posted in 543 words with references.
//The given discussion paper is based on the concept of the Heuristic. Prior to discuss the three different types of the heuristic it is better to explain the concept of Heuristic in the first section of the discussion so that the reader can understand the most important and useful from among all the three types of heuristics.//
Introduction
Heuristics are used for problem solving and decision making. They are used to make the best possible judgments. They are built upon the rules of thumb, I.e. On the basis of the previous real time activities that took place in the past. The judicial decisions based upon heuristics are very fast and timid. Heuristics are used to forecast the results of various situations and take the decisions accordingly. They control the problem solving among the human beings. They require the ability to select a strategy and apply it directly to solve the problem (Kahneman, Slovic & Tversky, 1982).
//After analyzing the concept of the heuristic, the next section of the discussion paper is including the various forms of the heuristics. The three different heuristics discussed here are the ...
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- BBA, University of Rajasthan
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