Heuristics (Video): Rules of Thumb Explained - Episode 151

We all take shortcuts when we are making decisions.  And in those shortcuts often lie our mistakes.  In this episode find out the difference between the availability and representativeness heuristics, as well as the "Take the Best", Hindsight, and the Base Rate Neglect (Fallacy) heuristics.  Lots of examples of these heuristics at work are included.  Let's face it - we all have lazy minds!  Either that or we're all too busy to try to weed through complicated statistics and probabilities.  Heuristics help us make decisions fast.  But are they the right ones?