Commonly Used Heuristics Discussion
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The most commonly used heuristics are:
Availability
Hindsight Bias
Representativeness
Anchoring
Framing Effect
Counterfactual Thinking
1). Out the six commonly used heuristic above, choose two of the most commonly used heuristics that are used to solve problems and provide an example to illustrate each from personal experiences.
2). What were the outcomes?
3). What would you have done differently?
4).. Define the meaning of the two that you chose
Use scholarly sources to support your answers. Cite sources with APA format.
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The solution discusses commonly used heuristics.
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1). Out the six commonly used heuristic above, choose two of the most commonly used heuristics that are used to solve problems and provide an example to illustrate each from personal experiences.
4).. Define the meaning of the two that you chose
• Hindsight Bias - This "refers to the tendency people have to view events as more predictable than they really are" (Cherry, 2013, para 1). This has happened throughout history and is often used in reference to politics and sporting events. It is often referred to as the "I knew it all along" phenomenon and can create a false sense of confidence regarding the decision making technique before it is actually proven to, in fact, be correct.
An example of this in my personal experience is with my own confidence in my predictions for the 2012 election in the U.S. If I were to be asked prior to the actual election results, I would have told you that I was predicting that Obama would win the election. Even though I was confident, I was also nervous about the outcome however, once he was in fact elected, I had the thought of "I knew it all along" and felt a special kind of "knowing" feeling in that I predicted that specific outcome.
• Framing Effect - "A 'framing effect' is usually said to occur when ...
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