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The availability heuristic, also known as availability bias, is a mental shortcut that relies on immediate examples that come to a given person's mind when evaluating a specific topic, concept, method, or decision.
The availability heuristic (also known as the availability bias) is the tendency to overestimate the likelihood of events with greater "availability" in memory, which can be influenced by how recent the memories are or how unusual or emotionally charged they may be. [20] The availability heuristic includes or involves the following:
An availability cascade is a self-reinforcing cycle that explains the development of certain kinds of collective beliefs. A novel idea or insight, usually one that seems to explain a complex process in a simple or straightforward manner, gains rapid currency in the popular discourse by its very simplicity and by its apparent insightfulness.
In psychology, a heuristic is an easy-to-compute procedure or rule of thumb that people use when forming beliefs, judgments or decisions. The familiarity heuristic was developed based on the discovery of the availability heuristic by psychologists Amos Tversky and Daniel Kahneman; it happens when the familiar is favored over novel places, people, or things.
Attribute substitution is a psychological process thought to underlie a number of cognitive biases and perceptual illusions.It occurs when an individual has to make a judgment (of a target attribute) that is computationally complex, and instead substitutes a more easily calculated heuristic attribute. [1]
The subjective probability judgments of an event used in the simulation heuristic do not follow the availability heuristic, in that these judgments are not the cause of relevant examples in memory but are instead based on the ease with which situations that did not happen can be mentally simulated or imagined.
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For example, it might be more expensive than option A while having lower quality than option B. In this case, the anchor is the decoy. [82] One decoy effect example is the bundle sales. For example, many restaurants often sell set meals to their consumers, while simultaneously having the meals’ components sold separately.