Heuristics

Question 1

What are heuristics?

Answer 1

Mental shortcuts allowing us to make quick decisions based on

Decision-making shortcut on limited information.

Reduces cognitive load

Question 2

What is cognitive load?

Answer 2

Amount of information woring memory can hold

Question 3

When are heuristics used?

5 conditions met?

Answer 3

1. Faced with too much information
   
   2. Time to make decision is limited
   3. Decision made is unimportant
   4. Access to very little information to use in decision-making
   5. Appropriate heuristics come to mind in same moment.

Question 4

Availability heuristic

Answer 4

Judgement based on readily available information (quick recall)

Preference to use information you can quickly recall

See availability bias

Question 5

What is availability bias?

Answer 5

Tendency to believe easily recalled examples are more or less common than they actually are.

Question 6

Representatibe heuristic

Answer 6

Categorising person, object or event by how closely it maches typical idea of it

Decision baed on categorisation

Question 7

Affective heuristic

Answer 7

Judgement influenced by emotions expressed at time.

Judge based on emotions

When happy, tend to jusge risks as low and benefits high.