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What is Heuristics and Biases in Decision Making about?

1. Tversky and Kahneman (1974) studied how people make judgments and decisions based on heuristics and biases. 2. When estimating probabilities, people rely on representativeness heuristics where they judge probability based on how closely event A resembles class B, ignoring prior probabilities. 3. Representativeness leads to insensitivity to sample size, priors, and predictability, violating normative statistical theory. Small, unrepresentative samples are perceived as equally predictive as large samples

Author

Anand K J ms19w002

Language

EN