What heuristic estimates the probability of something occurring based on how easily one recalls relevant occurrences of the event?
The tendency to have more confidence in judgment and decisions than one should, based on probability or past experience is __________.
Losing 50 dollars may affect one’s level of happiness more than winning 50 dollars. This illustrates the concept of __________ aversion.
Confirmation bias is the tendency to solve problems using one specific approach, even if other ways might be better.
Define decision making and provide two strategies that one may use to make decisions.
Describe the difference between the availability heuristic and the representativeness heuristic.
What is belief bias and what is the best way to avoid belief bias when making decisions?
The belief that the odds of two events occurring together are greater than the odds of either event occurring alone is the __________.
Individuals tend to make decisions with the elimination-by-aspects strategy as choices become more simple.
Once beliefs are formed, it often takes stronger evidence to change them than it did to create them.
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