COGNITION
THINKING AND LANGUAGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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all the facts available in consicous thought
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their own ideas or values
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the population that seems to apply to the problem
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trial and error
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Detailed explanation-1: -The representativeness heuristic is a mental shortcut that we use when estimating probabilities. When we’re trying to assess how likely a certain event is, we often make our decision by assessing how similar it is to an existing mental prototype.
Detailed explanation-2: -The representativeness heuristic is just one type of mental shortcut that allows us to make decisions quickly in the face of uncertainty. While this can lead to quick thinking, it can also lead us to ignore factors that also play a role in shaping events.
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.
Detailed explanation-4: -The representativeness heuristic is simply described as assessing similarity of objects and organizing them based around the category prototype (e.g., like goes with like, and causes and effects should resemble each other). This heuristic is used because it is an easy computation.
Detailed explanation-5: -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.