How does reliance on the availability heuristic lead to biases in decision making?

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The question asks how reliance on the availability heuristic leads to biases in decision making. 
Option 1: 'Failure to consider the conjunction rule' — This is more closely related to the conjunction fallacy and the representativeness heuristic, where people think a conjunction is more probable than a single event. It does not directly describe the availability heuristic’s core bias, so this choice misattributes the mechanism. 
Option 2: 'Risk aversion' — Risk aversion describes a risk-related preference (preferring safer options) rather than a bias arising from how easily examples come to mind. Availability bias can influence risk judgments, but risk aversion as a standalone concept is not the direct mechanism of the availability heuristic. 
Option 3: 'Loss aversion' — Loss aversion is about preferring to avoid losses over acquiring equivalent gains, a concept from prospect theory. While availability can influence perceived losses if dramatic losses are memorable, loss aversion itself is not the explicit bias explained by availability; it’s a separate principle. 
Option 4: 'Limitations in the search set' — This captures the core idea: people judge frequency or likelihood based on how easily instances come to mind, which reflects the information that is readily accessible in memory. If the search set (the pool of information one considers) is limited or biased toward memorable events, judgments will be skewed. This is the precise mechanism of availability bias. 
In summary, the availability heuristic biases decisions when the information that comes to mind quickly does not represent the full range of evidence, effectively reflecting limitations or distortions in the search set of information considered.

PSYC20007_2025_SM2 Week 12: Judgment and Decision-Making

How does reliance on the availability heuristic lead to biases in decision making?

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