ECONOMICS

Detailed explanation-1: -A heuristic is a mental shortcut commonly used to simplify problems and avoid cognitive overload. Heuristics are part of how the human brain evolved and is wired, allowing individuals to quickly reach reasonable conclusions or solutions to complex problems.

Detailed explanation-2: -Heuristics are mental shortcuts that can facilitate problem-solving and probability judgments. These strategies are generalizations, or rules-of-thumb, reduce cognitive load, and can be effective for making immediate judgments, however, they often result in irrational or inaccurate conclusions.

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: -Mental shortcuts, also known as heuristic decision-making, are what our mind uses when we need to answer a difficult question or solve a complex problem quickly. Heuristics allow us to make judgements and come to decisions in a time-saving and efficient manner.

Detailed explanation-5: -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.