What are the different types of heuristics used in decision-making?
Heuristics are mental shortcuts that help in decision-making. The main types include availability, representativeness, and anchoring.
Can you explain the availability heuristic?
Sure! The availability heuristic is when people judge the likelihood of an event based on how easily examples come to mind.
What about the representativeness heuristic?
The representativeness heuristic involves making judgments based on how much something resembles a typical case or stereotype.
How does anchoring affect our decisions?
Anchoring occurs when individuals rely too heavily on the first piece of information they encounter, which can skew their decision-making.
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