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Fast and Frugal Cognitive Heuristics
Fast and frugal heuristics are used during the decision-making process when understanding of the situation and the time and cognitive power needed to make the decision is limited (bounded rationality).
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Psychology
Social Science
Empirical Science
Science
Related
Representative heuristic
Stereotype
Self-Based Heuristic (SBH)
Affect Heuristic
Fast and Frugal Cognitive Heuristics
Bandwagon Heuristic
Endorsement Heuristic
Working Backwards
Availability Heuristic
Substituting Questions (Heuristic Questions)
Anchoring
Task Decomposition Heuristic
After watching extensive news coverage of a rare but dramatic lottery win in their city, a person starts spending a significant portion of their income on lottery tickets. Despite statistical evidence showing the odds are astronomically low, the vivid, recent example of a winner makes the possibility feel much more likely. Which mental shortcut best explains this person's change in behavior?