Heuristics and Biases (Limits to Intuition)

What are examples of mental shortcuts?

Availability Heuristic, Representativeness Heuristic, and Framing Heuristic

What is Framing Heuristic?

The way information is presented influences decisions.

What is Representativeness Heuristic?

Judging likelihood based on how well something fits a prototype.

What is Availability Heuristic?

Judging likelihood based on how easily examples come to mind.

What are examples of Cognitive Biases

Belief Perseverance, Confirmation Bias, Hindsight Bias, and Overconfidence

What is Belief Perseverance?

Clinging to initial beliefs even when faced with contradictory evidence.

What is Confirmation Bias?

Seeking out information that confirms existing beliefs.

What is Hindsight Bias?

"I knew it all along" phenomenon; tendency to believe, after learning an outcome, that one would have foreseen it.

What is Overconfidence?

We overestimate our performance, our rate of work, our skills and our degree of self - control