Because of his hybrid car, bleached hair, and Birkenstock shoes, Lance guesses his his room mate is liberal. This is an example of biased representativeness Heuristic .
Heuristics can be thought of as general cognitive frameworks that enable people to solve problems quickly. For instance, if a student had to choose what to major in at university, she would probably follow her instincts and choose the course of study she thinks will be the most rewarding, useful, and intriguing.
Key Learnings. Heuristics are quick techniques for solving problems that provide outcomes that are suitable to be helpful in day when situations. Heuristic methods are used by investors and financial experts to expedite evaluation and investment decisions.
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