Judgment Heuristic and Biases
2 pages (500 words)
Generally beliefs concerning the uncertain events are expressed by statements like "I think thator chances are etc. These are sometimes expressed in numerical form as odd or subjective probabilities. Heuristics are simple, efficient rules, fine-tuned by evolutionary processes or learned, which have been proposed to explain how people make decisions, judgments and solve problems, typically when facing serious problems or in case of inadequate information(Tversky, Kahneman,1124).