Mod 35

• Algorithm: a methodical, logical rule or procedure that guarantees solving a particular problem. Contrasts with the usually speedier but also more error-prone use of heuristics.
• Heuristic: A mental shortcut that helps us solve problems quickly and efficiently. Does result in more errors compared to algorithm.
• Insight: a sudden realization of a problem's solution contrasts with strategy-based solutions.
• Intuition: an effortless immediate automatic feeling or thought as contrasted with explicit conscious reasoning.
• Representativeness heuristic: estimating the likelihood of events in terms of how well they seem to represent or match particular prototypes. May lead to ignoring relevant information
• Availability heuristic: estimating the likelihood of events based on their availability in memory, if instances come readily to mind. we presume such events are common
• Overconfidence: the tendency to be more confident than correct, to overestimate the accuracy of our beliefs and judgements
• Framing: the way an issue is posed, how an issue is worded can significantly affect decisions and judgements.