Recognizing the influence of heuristics on judgments from "summary" of Misbehaving by Richard H Thaler
Heuristics are mental shortcuts that we use to make decisions quickly and efficiently. These shortcuts can be helpful in many situations, but they can also lead us astray. One common heuristic is the availability heuristic, which causes us to judge the likelihood of an event based on how easily we can recall examples of it. For example, if we see news reports of a plane crash, we may become more afraid of flying, even though flying is statistically safer than driving. This is because the vivid images of the crash make it more available in our minds, leading us to overestimate its likelihood. Another common heuristic is anc...
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