Availability heuristic

• What is the availability heuristic?

  • the tendency to judge the likelihood of an event based on how easily it comes to mind
• How does the availability heuristic influence gambling behaviour?

  • people overestimate their chances of winning due to frequent exposure to stories of big wins
• How do casinos exploit the availability heuristic?

  • by placing slot machines close together so people hear winnings, making them think wins are common