Why we prefer a wrong map to none at all
If I remember it, surely it must be true
This heuristic simply means that we as individuals create a perception of the world based on our experiences and examples.
If I don't see it, it doesn't exist
In meetings board members tend to look only at the information presented to them while overlooking information that could be prevalent to a companies health.
Coined in 1973
Psychologists Amos Tversky and Daniel Kahneman suggested that this bias occurred unconsciously. They said things that could be recalled easily were accurate reflections of the world because we believed them to be more common.
The world ain't all sunshine and rainbows (Rocky)
Individuals make decisions based on their perceptions. People are more likely to continue smoking if they knew a habitual smoker who lived to be 100 years old.
Businesses tend to stick with what they deem safe, investing in stocks they know well rather than stock that could grow their company
Our perceived RISK factor plays a key role in our decision making.
Kangaroo or Acknowledge
Schwarz did a study in which he asked participants if words taken at random from English text were more likely to start with a K or have K as the third letter. Most people could name more words starting with K than with K three letters in, thus deeming it to be more common. However three times as many words with K three letters in exist.