The availability of an event in memory produced an overestimation of the frequency and probability of event occurrences. Similarly, choice predictions judged available events as more likely to occur. Found inside – Page 753They note that this would not occur if optimistic biases and susceptibility to the availability heuristic tend to co-occur.” If all of the people who used the availability heuristic also suffered from optimism bias, then vivid narratives could debias ... Found inside – Page 73The specific cognitive strategy demonstrated in the above examples has been termed the availability heuristic ( Tversky & Kahneman , 1973 ) because it refers to the process of drawing on instances that are easily accessible or “ available ... Found inside – Page 322 Availability a manner C Results for Hypothesis 3 ( whether individuals trade in a manner consistent with the availability heuristic ) are presented in Table 1 . 9 . As can be seen , traders in our database buy after large positive earnings ... Found inside – Page 18These rules , known as heuristics , are employed to reduce difficult mental tasks to simpler ones . ... Availability One inferential strategy that has special relevance for risk perception is the availability heuristic ( Tversky & Kahneman 1973 ) . Found inside – Page 525Availability The availability heuristic is based on the premise that individuals estimate probabilities by the ease with which one judges that event . Availability may be influenced by recency , emotional saliency , and other factors not related to ... The new chapter applies the book's main concept to the domain of investing. Found inside – Page 24Tversky and Kahneman (1973) proposed that such judgments were made using the availability heuristic: A person is said to employ the availability heuristic ... Found inside – Page 18suggested , subjects may only assess the ease of availability without using retrieval or construction at all . In an attempt to discuss variables that may underlie the availability heuristic , Tversky and Kahneman have suggested that availability ... Found inside – Page 14suggest that effective interventions must address the use of representativeness heuristics . AVAILABILITY Subjects may also disregard base rate data because they use what Tversky and Kahneman call an availability heuristic ( Tversky and ... Found inside – Page 336The availability heuristic Even when people use base - rate probability information to help them judge group membership or assess the truthfulness of a hypothesis , they may employ a third heuristic that can bias their probability judgment . Found inside – Page 603These examples reflect the influence of the availability heuristic, which is basing the estimated probability of an event on the ease with which relevant instances come to mind. Because of the availability heuristic, people tend to overestimate ... The availability of an event in an observer's memory is postulated to be one of the bases for estimates of its frequency of past occurrence or the probability of future occurrence. Will interest rates go up? Can I trust this person? Such questions - and the judgments required to answer them - are woven into the fabric of everyday experience. This book, first published in 2002, examines how people make such judgments. Found inside – Page 59Although never thought of as an instance of the availability heuristic , the phenomenon of increased truth value of statements achieved by sheer repetition may well involve some elements of this heuristic . The paradigm involves repeated ... Found inside – Page 170See generally Russell Korobkin & Chris Guthrie , Heuristics and Biases at the Bargaining Table , 87 MarQ . L. Rev. 795 , 800 ( 2004 ) ( discussing the availability heuristic ) . the same professor.74 It will be harder for a wrongfully 170 [ Vol . Found inside – Page 1419Availability. In explaining pruning bias, Fischhoff et al. (1978) invoked the availability heuristic (Tversky and Kahneman 1973): judged probabilities depend on the ease with which instances can be recalled or scenarios constructed. In the case ... Found inside – Page 124I was considering doing an experiment looking at how the availability heuristic might affect people ' s favorability toward nuclear power generation . The availability heuristic says that our opinions can be influenced by the mental availability of ... Found inside – Page 341The bottom line is that people use different strategies in different situations— sometimes heuristics , sometimes ... Availability Another shortcut is the availability heuristic , which states that we tend to judge objects or events as more likely or ... Found inside – Page 378Reliance on Heuristics heuristics Simple decision rules ( rules of thumb ) used to make quick decisions about complex problems . ( See availability heuristic and representativeness heuristic . ) availability heuristic The tendency for people to ... Found inside – Page 8An assessor may be said to use the heuristic of representativeness when he judges the probability of an event by its degree of similarity to the population of which it is supposed to be an exemplar . 2 The availability heuristic is used when ... Found inside – Page 237Due to the cognitive limitations , the reliance on judgmental heuristics often leads to cognitive biases that eventually may cause ineffective ... The availability heuristic is used when people are asked to estimate the plausibility of an event . Thirty-five chapters describe various judgmental heuristics and the biases they produce, not only in laboratory experiments, but in important social, medical, and political situations as well. Found inside – Page 2-311List of heuristics and biasses . Heuristics Representativeness Bias Insensitivity to base rates Insensitivity to sample size Misconcept of chance Regression to the mean Conjunction fallacy Ease of recall Availability Retrievability Presumed ... Because risks are on all sides of social situations, it is not possible to be 'precautionary' in general. Found inside – Page 478Heuristics Rules of thumb that simplify decision making . Availability heuristic The rule of thumb that says an event that is easy to remember is likely to have occurred more frequently than an event that is difficult to remember . people simplify ... Found inside – Page 94This is a top - down bias where the way information is stored in memory has misleading effect on the way we access it ( Ashcraft 1998 ) . The availability is a way of thinking dependent on the ease we go about recalling information , and this ... Found inside – Page 299representativeness heuristic basing judgments of likelihood on the degree to which the particular instance resembles a general class availability heuristic basing judgment of the frequency of events on the ease with which they can be brought ... Two studies with 108 undergraduates investigated vivid information and its impact on social judgment and the availability heuristic and its role in mediating vividness effects . Found inside – Page 206The availability heuristic is often used in making everyday judgments . Consider how we estimate the risks we face from diseases , accidents , natural disasters , and exposure to various toxins . The part played by the availability heuristic was ... 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