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Heuristics in Decision Making
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Judging the probability of an event by its similarity to stereotypes rather than actual statistical information
Representativeness Heuristic
Making a decision based on the first piece of information encountered or what comes to mind quickly
Anchoring Heuristic
Estimating probabilities based on how easily relevant instances come to mind
Availability Heuristic
Choosing an option that partially solves a problem but is fast and easy, rather than the best possible solution
Satisficing
Avoiding risk when a positive frame is presented but seeking risks when a negative frame is presented
Framing Effect
Believing an event is less likely to happen again if it has already happened multiple times in the immediate past
Gambler's Fallacy
Overvaluing items one already owns compared to equivalent items one does not own
Endowment Effect
The inclination to change one's answers when evaluating the same information from a different perspective
Hindsight Bias
Choosing the default option because changing it requires effort
Status Quo Bias
Overestimating the likelihood of one's success and underestimating risks
Overconfidence Bias
Sticking with one's initial beliefs even after new information shows the beliefs might be incorrect
Conservatism Bias
The tendency to copy the actions of others in an attempt to undertake behavior in a situation of uncertainty or ambiguity
Herding
Continuing on a failing course of action due to the significant time, money, or resources already invested
Sunk Cost Fallacy
Avoiding situations that are likely to require reparations for past harm
Omission Bias
The refusal to plan for, or react to, a disaster which has never happened before
Normalcy Bias
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