COGNITION
THINKING AND LANGUAGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The ____ heuristic allows people to make decisions based on the information available in their immediate consciousnesses.
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availability
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representative
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Either A or B
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None of the above
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Explanation:
Detailed explanation-1: -The availability heuristic is a cognitive bias that makes one take decisions based on false perceptions from recent memory or based on how likely something is to happen and how easily it comes to one’s mind.
Detailed explanation-2: -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-3: -The availability heuristic describes our tendency to use information that comes to mind quickly and easily when making decisions about the future.
There is 1 question to complete.