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47. Judgment Under Uncertainty: Heuristics and Biases
By A. Tversky and D. Kahneman
Abstract: This article described three heuristics that are employed in making judgments under uncertainty: (i) representativeness, which is usually employed when people are asked to judge the probability that an object or event A belongs to class or process B; (ii) availability of instances or scenarios, which is often employed when people are asked to assess the frequency of a class or the plausibility of a particular development; and (iii) adjustment from an anchor, which is usually employed in numerical prediction when a relevant value is available. These heuristics are highly economical and usually effective, but they lead to systematic and predictable errors. A better understanding of these heuristics and of the biases to which they lead could improve judgments and decisions in situations of uncertainty.
Citation: Tversky, A. and Kahneman, D. (1974). Judgment Under Uncertainty: Heuristics and Biases. Science, New Series, Vol. 185, No. 4157. (Sep. 27, 1974), pp. 1124-1131.
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Keywords: cognitive biases, cogbias, common biases