What are the availability, representativeness, and anchoring-and-adjustment heuristics, and what roles do they play in reasoning?
The availability heuristic is our tendency to make judgments about the frequency or likelihood of various events in terms of how readily they can be brought to mind. The representativeness heuristic is the tendency to assume that the more closely an item resembles the most typical examples of some concept, the more likely it is to belong to that concept. The anchoring-and-adjustment heuristic is the tendency to reach decisions by making adjustments to reference points or existing information. What is framing, and how does it relate to decision making? Decisions can be strongly affected by framing, the presentation of information about possible outcomes in terms of gains or losses. How does escalation of commitment affect decision making? People often become trapped in bad decisions through escalation of commitment, an effect that derives from reluctance to admit past mistakes and a desire to justify past losses. What is naturalistic decision making? Naturalistic decision making refers
