Tversky, khaneman (1974)

Question 1

Heuristics

Answer 1

mental shortcuts that allow people to solve problems and make judgments quickly and efficiently

Question 2

Heuristics: Representativeness

Answer 2

Probabilities are evaluated by the degree to which A is representative of B. Probability that someone is a librarian is evaluated by the similarity to other librarians but forgetting that statistics show that there are many more farmers than librarians.

Question 3

Heuristics: availability

Answer 3

how easy it is to recall the information / get it from memories. If it is easy to imagine, tendency to overestimate likelihood. Word starting with R vs word with R as third letter. Easier to do one however wrong

Question 4

Heuristics: Anchoring

Answer 4

when a starting/reference point is given, people tend to rely to heavy on it. Highschool example of framing: 8x7x6x5x4x3x2x1 vs 1x2x3x4x5x6x7x8