Author Question: Which heuristic is often based on only a small proportion of the available information and results ... (Read 75 times)

bclement10 · **on:** Jun 20, 2018

Which heuristic is often based on only a small proportion of the available information and results in a quick decision?

a. conjunction
b. fast-and-frugal
c. representativeness
d. hot hand

Question 2

Carl recently bought a used carand it's a lemon. He has spent thousands of dollars on repairing the car, and this week, the mechanic told him it needs a new radiator. Carl thinks about how much money he has put into the car and thinks that, because he has invested so much money in repairs, he'd be better off just making the repair as opposed to spending money to buy a new car. Carl is a victim of ____.

a. overconfidence
b. the sunk-cost fallacy
c. opportunity costs
d. hindsight bias