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Part 2
Heuristics & Biases
Our minds use mental shortcuts (heuristics) to make quick judgments. While often useful, these shortcuts can lead to systematic errors and biases.
Bias
Anchoring Effect
When people consider a particular value for an unknown quantity before estimating that quantity, the estimates stay close to the number that people considered.
Quiz
Which cause of death is more likely in the US?
Recall
Availability Heuristic
We judge the frequency or probability of an event by the ease with which instances come to mind.
- Media coverage biases our view of the world.
- Recent events weigh more heavily than past data.
- Vivid experiences trump statistics.