Question

The ______ refers to a decision maker's tendency to estimate the probability of something occurring by how easily we can recall those events.

Answer 1

The availability bias refers to a decision maker's tendency to estimate the probability of something occurring by how easily we can recall those events.

When faced with an instant choice requirement, the availability heuristic enables people to make decisions fast. When you are trying to decide, a lot of connected incidents or circumstances could pop into your head right away. You can conclude that some events are more common or likely than others as a result.

You tend to overestimate the possibility and likelihood of similar situations happening in the future and give this information more weight. When you're attempting to decide or pass judgement on the world around you, this can be useful. Would you argue, for instance, that words in the English language that start with the letter t or with the letter k are more numerous?

To learn more about availability bias here,

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