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What are 'heuristics'?

ecnmy.org

Heuristics: Mental Shortcuts

In our daily lives, we do not have the time, knowledge or skills to make the perfect decision/choice every time, and it may be too exhausting and time-consuming to make really big decisions in a perfect way all the time. This makes us use mental shortcuts, or heuristics ...

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When our heuristics make us do unreasonable things and ignore obvious dangers, it is termed as a cognitive bias, a systematic error that is based out of our unawareness.

These systematic thinking patterns form the mental models that make us perform automated functions, and...

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  • Representativeness Heuristic: assumes that if something reminds us of something we know already, it is part of the same group.
  • Availability Heuristic: The more something comes in front of us, the more likely we think it is.
  • Anchori...

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