Representativeness is a heuristic in decision-making where individuals judge the probability of an event based on how much it resembles a typical case. Crucial for understanding biases in human judgment and improving decision-making processes.
A cognitive bias where individuals overestimate the likelihood of extreme events regressing to the mean. Crucial for understanding decision-making and judgment under uncertainty.
A cognitive bias where the total probability assigned to a set of events is less than the sum of the probabilities assigned to each event individually. Important for understanding how users estimate probabilities and make decisions under uncertainty.
Decision-making strategies that use simple heuristics to make quick, efficient, and satisfactory choices with limited information. Important for designing user experiences that support quick and efficient decision-making.