The _____ represents a decision maker's tendency to base decisions on information that is readily available in memory.
A) escalation of commitment
B) representative heuristic
C) hindsight bias
D) overconfidence bias
E) availability heuristic

Question

Quizplus · Accepted Answer

The availability heuristic refers to the tendency to make decisions based on readily available information in memory. This information can be recent events, easily accessible statistics, or vivid examples that come to mind easily. This heuristic can lead to biases in decision making, as information that is more easily retrieved may not necessarily be the most accurate or relevant.

The _____ Represents a Decision Maker's Tendency to Base Decisions