Define the term heuristic and describe three types of heuristics.

Heuristics are the rules of thumb that help people simplify decision making. Three common rules of thumb are availability and representative heuristics, and anchoring and adjustment heuristics.

The availability heuristic is the tendency to determine the frequency of an event or its causes by how easy the events or causes are to remember. The representativeness heuristic is the tendency to predict the likelihood of an event occurring based on the extent to which the event is typical of similar events that occurred in the past. The anchoring and adjustment heuristic is the tendency for people to make decisions based on making adjustments or changes from some initial or starting amount.

Smart ... Thanks!