The top three prices for works of art sold at auction in 2013 totaled $306.7 million. These three works of art were a sculpture,
a painting, and a photograph. The selling price of the painting was $50.5 million more than that of the photograph. Together, the painting and the photograph sold for $17.1 million more than the
sculpture. What was the selling price of each work?
The answer is representativeness heuristic. This is used when making decisions about the likelihood of an occasion under doubt. It is unique of a group of heuristics (simple rules leading decision or decision-making) suggested by psychologists Amos Tversky and Daniel Kahneman in the 1970s.
