ECONOMICS

Detailed explanation-1: -High heuristic validity. Overly theoretical-> difficult to refute (e.g. Bem’s theory of sexuality) Cannot predict when someone’s individual identity will supercede that of the group. Self-esteem may be initial reason for identifying with a group, but isn’t sustainable-> smaller role.

Detailed explanation-2: -Most heuristic methods involve using mental shortcuts to make decisions based on prior experiences. Some of the most common fundamental heuristic methods include trial and error, historical data analysis, guesswork, and the process of elimination.

Detailed explanation-3: -The three heuristics that received most attention were availability, representativeness, and anchoring and adjustment. The availability heuristic refers to the tendency to assess the probability of an event based on the ease with which instances of that event come to mind.

Detailed explanation-4: -Heuristics is a way of engaging in scientific search through methods and processes aimed at discovery; a way of self-inquiry and dialogue with others aimed at finding the underlying meanings of important human experiences.