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Also known as current moment bias or present bias, and related to Dynamic inconsistency. A good example of this is a study showed that when making food choices for the coming week, 74% of participants chose fruit, whereas when the food choice was for the current day, 70% chose chocolate.
The sense-making process is triggered by an initial surprise. If the sense-making process is not complete and the sensory information is not detected or coded [by the individual], the sensation is experienced as a surprise and the hindsight bias has a gradual reduction.
If we categorize words by the first letter and recall them through the same process, this would show more support for the representative heuristic than the availability heuristic. Based on the possibility of explanations such as these, some researchers have claimed that the classic studies on the availability heuristic are too vague in that ...
A continually evolving list of cognitive biases has been identified over the last six decades of research on human judgment and decision-making in cognitive science, social psychology, and behavioral economics. The study of cognitive biases has practical implications for areas including clinical judgment, entrepreneurship, finance, and management.
The process of elimination continues to occur until all alternatives are eliminated. [22] Elimination by aspects is well used in the early stage of business angels' decision-making process since it facilitates a fast-decision-making tool - alternatives will be eliminated when investors find a critical defect of the potential opportunities. [23]
There are more sophisticated judgment strategies that result in fewer errors. People often reason based on availability but sometimes they look for other, more accurate, information to make judgments. [32] This suggests there are two ways of thinking, known as the Dual-Process Model. [33]
Sensemaking or sense-making is the process by which people give meaning to their collective experiences. It has been defined as "the ongoing retrospective development of plausible images that rationalize what people are doing" ( Weick, Sutcliffe, & Obstfeld, 2005, p. 409 ).
In other words, a process that determines the degree to which mood can affect our judgement. According to the AIM, affect (mood and emotion) exerts a notable influence not only on information processing but on the resulting response behaviors as well.