ABSTRACT
The central themes of Amos Tversky and Daniel Kahneman’s 1974 article “Judgment under Uncertainty: Heuristics and Biases” are, as the title suggests, heuristics and biases. This chapter explores decision-making in conditions where the information needed to make the decision is missing or incomplete. Decision-making under uncertainty can be illustrated using the example of vision. It shows that people rely on a limited number of heuristic principles which reduce the complex tasks of assessing probabilities and predicting values to simpler judgmental operations.” The chapter presents three heuristics: representativeness, availability, and adjustment and anchoring. Availability concerns the way in which people judge how often an event occurs based on how readily they can remember a similar event. While Tversky and Kahneman’s “Judgment under Uncertainty” appeared in a scientific journal, it is not filled with highly technical jargon.
