Decision making

Chapter 8 Cognition and Intelligence Glossary Availability heuristic Basing the estimated probability of an event on the ease with which relevant instances come to mind. Bounded rationality The idea that people tend to use simple strategies in decision making that focus on only a few facets of available options and often result in ?irrational? decisions that are less than optimal. See Theory of bounded rationality. Conjunction fallacy An error that occurs when people estimate that the odds of two uncertain events happening together are greater than the odds of either event happening alone. Convergent thinking Narrowing down a list of alternatives to converge on a single correct answer. Correlation coefficient