ECONOMICS

Detailed explanation-1: -Heuristics are mental shortcuts for solving problems in a quick way that delivers a result that is sufficient enough to be useful given time constraints. Investors and financial professionals use a heuristic approach to speed up analysis and investment decisions.

Detailed explanation-2: -Heuristics help you to make smaller, almost unnoticeable decisions using past information, without much rational input from your brain. Heuristics are helpful for getting things done more quickly, but they can also lead to biases and irrational choices if you’re not aware of them.

Detailed explanation-3: -Heuristics are mental shortcuts that allow people to solve problems and make judgments quickly and efficiently. These rule-of-thumb strategies shorten decision-making time and allow people to function without constantly stopping to think about their next course of action.

Detailed explanation-4: -The availability heuristic describes our tendency to use information that comes to mind quickly and easily when making decisions about the future.