Explanation Answer and explanation The availability heuristic involves estimating the likelihood of an event to occur based on how easy it is to recall the information pertaining to it. Thus, in this case, people rely on information that requires less effort to recall. Information which is striking, favored by the media, or has been learned recently tends to be easier to recall and, thus, as a result, conclusions based on the availability heuristic might be incorrect. A study by Lichtenstein and colleagues (1978) demonstrated how information that is publicized in the media leads to inaccurate judgments regarding the causes of death in the United States. Illusory correlation involves creating false connections between events that are independent of each other or assuming that a significant relationship exists between two events that are, in reality, unrelated to each other or are weakly correlated. For example, people often believe that wearing their “lucky shirt” or performing a ritual will result in their favorite team winning a game...

Introduction Heuristics are mental shortcuts or “rules of thumb” that help in the decision-making process. Though they foster quick decision making, relying on heuristics often leads to conclusions that are erroneous.

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Chapter 13, Problem 13.1-3TY

Summary Introduction

Introduction

Heuristics are mental shortcuts or “rules of thumb” that help in the decision-making process. Though they foster quick decision making, relying on heuristics often leads to conclusions that are erroneous.

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