An Introduction to Tversky and Kahneman’s Judgment under Uncertainty - A Macat Psychology Analysis

Level: beginner

Macat, 2016
Perspective: Behavioral Economics
Topic: behavior
Format: Short Film
Duration: 00:03:21
Link: https://www.youtube.com/watch?v=DEx1mlMM6t4&index=24&list=PLRXstY5OaIwdnSWkTtomhEF2SoD66shVs

Can mental shortcuts cause inaccurate decision making? The video gives a short overview of Tversky and Kahneman’s concept of mental shortcuts humans like to apply when confronted with complex problems and decision making. Three categories of these so-called ‘heuristics' are explained: the representativeness heuristic, the availability heuristic, and the anchoring heuristic.

Subsequently, the availability heuristic is illustrated with an example.

Comment from our editors:

An easy introduction that links to more detailed proprietary analysis. Good, even though of the three mentioned biases only availability heuristic is explained in more detail.

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