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This article described three heuristics that are employed in making judgements under uncertainty: (i) representativeness, which is usually employed when people are asked to judge the probability that an object or event A belongs to class or process B; (ii) availability of instances or scenarios, which is often employed when people are asked to assess the(More)
The metric and dimensional assumptions that underlie the geometric representation of similarity are questioned on both theoretical and empirical grounds. A new set-theoretical approach to similarity is developed in which objects are represented as collections of features, and similarity is described as a featurematching process. Specifically, a set of(More)
The psychological principles that govern the perception of decision problems and the evaluation of probabilities and outcomes produce predictable shifts of preference when the same problem is framed in different ways. Reversals of preference are demonstrated in choices regarding monetary outcomes, both hypothetical and real, and in questions pertaining to(More)
Perhaps the simplest and the most basic qualitative law of probability is the conjunction rule: The probability of a conjunction, P(A&B), cannot exceed the probabilities of its constituents, P(A) and P(B), because the extension (or the possibility set) of the conjunction is included in the extension of its constituents. Judgments under uncertainty, however,(More)
This paper explores a heuristic-representativeness-according to which the subjective probability of an event, or a sample, is determined by the degree to which it: (i) is similar in essential characteristics to its parent population; and (ii) reflects the salient features of the process by which it is generated. This heuristic is explicated in a series of(More)
People have erroneous intuitions about the laws of chance. In particular, they regard a sample randomly drawn from a population as highly representative, that is, similar to the population in all essential characteristics. The prevalence of the belief and its unfortunate consequences for psychological research are illustrated by the responses of(More)
This article presents a new theory of subjective probability according to which different descriptions of the same event can give rise to different judgments. The experimental evidence confirms the major predictions of the theory. First, judged probability increases by unpacking the focal hypothesis and decreases by unpacking the alternative hypothesis.(More)