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Heuristics and Biases

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").

PART 1 - Based on what you've read and researched; in your opinion, which one of the Heuristics and Bias 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?

Solution Preview

Let's take a closer look at the three parts, which can help you with your final copy.

RESPONSE:

PART 1 - Based on what you've read and researched; in your opinion, which one of the three primary heuristic types do you believe is the most commonly used?

A heuristic is a strategy that can be applied to a variety of problems and that usually - but not always - yields a correct solution. People often use heuristics (or shortcuts) that reduce complex problem solving to more simple judgmental operations. The three most common types are: the representativeness heuristic, the availability heuristic and the anchoring & adjustment heuristic (Tversky & Kahnemann, 1974).

Of these three heuristics, the availability heuristic is probably used most often. It is used to evaluate the frequency or likelihood of an event on the basis of how quickly instances or associations come to mind. When a situation occurs, examples or associations are easily brought to mind and often automatically. This often leads to an overestimation of the frequency or likelihood of this event based on linking ...

Solution Summary

This solution discuses three Heuristics and Bias and which one might be most commonly used. References are provided.

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