| Demonstrations Heuristics and Biases |
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| 1. | Overconfidence. Provide a low guess and a high guess such that you are 90% confident the correct answer falls between the two. On this demonstration people who got more than 5 items wrong were overconfident. Do Harvard MBAs, physicians, physicists, and computer company managers commit the overconfidence error? |
| 2. | The representativeness heuristic sometimes deceives people into ignoring base rate information. Information about Melissa was vivid, concrete, and easily usable. How often are you and I misled by media information which is vivid, concrete, and easily usable? |
| 3. | Availability heuristic. For example, in random English text, which words are more likely? Those beginning with the letter k or those with k as the third letter? (Wade and Tavris, pages 322-323) |