Module 35

Algorithm

A methodical, logical rule or procedure that guarantees solving a particular problem (contrasts with faster but more error prone use of heuristics)

Heuristic

a simple thinking strategy that often allows us to make judgments and solve problems efficiently (usually speedier but also more error-prone than algorithms)

insight

a sudden realization of a problem's solution (contrasts with strategy-based solutions)

confirmation bias

a tendency to search for information that supports our preconceptions and to ignore or distort contradictory evidence

mental set

a tendency to approach a problem in one particular way, often a way that has been successful in the past

intuition

an effortless, immediate, automatic feeling or thought, as contrasted with explicit, conscious reasoning

Representatativeness heuristic

estimating the likelihood of events in terms of how well they seem to represent, or match, particular prototypes (may lead us to ignore other relevant information)

availability heuristic

estimating the likelihood of events based on their availability in memory. if instances come readily to mind (perhaps because of their vividness), we presume such events are common

Overconfidence

the tendency to be more confident than correct or to overestimate the accuracy of our beliefs and judgments

belief perseverance

clinging to one's initial conceptions after the basis on which they were formed has been discredited

Framing

the way an issue is posed or how an issue is framed can significantly affect decisions and judgments