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Explanations include information-processing rules (i.e., mental shortcuts), called heuristics, that the brain uses to produce decisions or judgments. Biases have a variety of forms and appear as cognitive ("cold") bias, such as mental noise, [5] or motivational ("hot") bias, such as when beliefs are distorted by wishful thinking. Both effects ...
Furthermore, allowing cognitive biases enables faster decisions which can be desirable when timeliness is more valuable than accuracy, as illustrated in heuristics. [6] Other cognitive biases are a "by-product" of human processing limitations, [1] resulting from a lack of appropriate mental mechanisms (bounded rationality), the impact of an ...
The economist and cognitive psychologist Herbert A. Simon introduced the concept of heuristics in the 1950s, suggesting there were limitations to rational decision making. In the 1970s, psychologists Amos Tversky and Daniel Kahneman added to the field with their research on cognitive bias. It was their work that introduced specific heuristic ...
Gigerenzer & Gaissmaier (2011) state that sub-sets of strategy include heuristics, regression analysis, and Bayesian inference. [14]A heuristic is a strategy that ignores part of the information, with the goal of making decisions more quickly, frugally, and/or accurately than more complex methods (Gigerenzer and Gaissmaier [2011], p. 454; see also Todd et al. [2012], p. 7).
Attribute substitution is a psychological process thought to underlie a number of cognitive biases and perceptual illusions.It occurs when an individual has to make a judgment (of a target attribute) that is computationally complex, and instead substitutes a more easily calculated heuristic attribute. [1]
The availability heuristic, also known as availability bias, is a mental shortcut that relies on immediate examples that come to a given person's mind when evaluating a specific topic, concept, method, or decision.
This heuristic is used because it is an easy computation. [4] The problem is that people overestimate its ability to accurately predict the likelihood of an event. [5] Thus, it can result in neglect of relevant base rates and other cognitive biases. [6] [7]
Heuristics usually govern automatic, intuitive judgments but can also be used as deliberate mental strategies when working from limited information. While seemingly irrational, the cognitive biases may be interpreted as the result of bounded rationality , with human beings making decisions while economizing time and effort.