AI Snips
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Decisions Follow Descriptions Not Math
- People make decisions using descriptions and mental shortcuts rather than strict probability calculations.
- Kahneman and Tversky showed heuristics like anchoring can skew unrelated judgments dramatically.
Irrelevant Numbers Warp Judgments
- Anchoring lets irrelevant numbers pull judgments upward or downward.
- A random wheel-of-fortune number shifted subjects' estimates of African countries' share.
Vivid Memories Inflate Perceived Risk
- Availability biases judgments toward what comes to mind easily or vividly.
- Recent or vivid events make people overestimate related risks and probabilities.