We rely on shortcuts in decisionmaking from "summary" of Predictably Irrational, Revised by Dan Ariely
When faced with the overwhelming amount of decisions we have to make on a daily basis, it's no wonder that we often resort to using shortcuts to simplify the process. These shortcuts, also known as heuristics, help us make quick judgments without expending too much mental energy. While this can be beneficial in certain situations, it can also lead to biases and errors in our decision-making. One common shortcut we rely on is called the availability heuristic. This heuristic is based on the idea that we tend to judge the likelihood of an event based on how easily we can recall similar instances from memory. For example, if we recently heard about a plane crash on the news, we may overestimate the likelihood of a plane crash happening to us, even though statistically, the chances are very low. This shortcut allows us to quickly assess risk, but it can also lead to irrational...
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