Cognitive Biases

Question 1

Heuristics

Answer 1

Mental shortcuts used to make decisions or solve problems quickly.

Question 2

Cognitive Biases

Answer 2

Errors in thinking or decision-making caused by relying on heuristics. They cause deviations from rational judgments.

Question 3

Representativeness Heuristic

Answer 3

The belief that random events follow a pattern, often leading people to make incorrect predictions based on small samples.

Question 4

Gambler’s Fallacy

Answer 4

The mistaken belief that past random events affect future outcomes, like thinking you’re “due” a win after a losing streak.

Question 5

Availability Heuristic

Answer 5

The tendency to overestimate the likelihood of events based on how easily they come to mind, such as recent experiences or media reports.