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    Managerial Decision Making: Availability, respresentativeness, and affect heuristics

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    Need help compiling a short essay in regards to heuristics. APA format. Include all sources.


    Explain the availability, respresentativeness, and affect heuristics. In your answer, compare the three and discuss the positivie and negative aspects of each.

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    Solution Preview

    Heuristics is a term used to describe any process that aids learning or problem solving by
    experiment or trial and error of possible solutions. Availability heuristics involves making decisions
    based on what can be remembered. The advantage is that usually the most recent information or
    experiences can provide us with the most current data or information. A disadvantage is that recent
    negative experiences can push us away from making a sound decision, based on our perceptions
    brought about by the experiences (Tversky & Kahneman, 1974). Recent data or experience may or may ...

    Solution Summary

    Managerial decision making availability and representativeness are examined.