AP PSYCHOLOGY

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: -In trying to solve a potentially complicated problem quickly, we are most likely to rely on. prototypes.

Detailed explanation-3: -Trial and Error This is the most basic and perhaps frequently cited heuristic. Trial and error can be used to solve a problem that possesses a discrete number of possible solutions, and involves simply attempting each possible option until the correct solution is identified.

Detailed explanation-4: -Heuristics are efficient cognitive processes, conscious or unconscious, that ignore part of the information. Because using heuristics saves effort, the classical view has been that heuristic decisions imply greater errors than do “rational” decisions as defined by logic or statistical models.