In the modern, fast-paced world, we are continually inundated with information and, on a daily basis, we are confronted with an overwhelming number of decisions by which to choose.
In order to efficiently navigate through this sea of choices, our brains have developed a variety of mental shortcuts or cognitive biases that assist us in making decisions in a short amount of time.
One such shortcut is the availability heuristic, which describes our inclination to base our decisions and judgements on information that is easily accessible to us. This tendency is referred to as the availability heuristic.
The availability heuristic is a useful strategy that may be applied in a variety of contexts. It enables us to make judgements quickly based on information that is easily accessible, rather than wasting significant time and energy on extensive study or analysis.
On the other hand, this shortcut can also result in errors in judgement, given that the information that is most easily accessible to us is not necessarily the most correct or pertinent information.
Take, for instance, the scenario in which you are attempting to choose whether or not to invest in a specific stock. You may be more motivated to invest based on this publicly available information if you have recently read an article on how successful the firm has been in the past.
This is the case even if the performance of the stock in the present or in the future is uncertain. In a same vein, if you have had a terrible encounter with a particular brand in the past.
You can be quick to assess all items from that brand unfavourably, without taking into consideration the chance that they have improved over the course of time.
In order to avoid making decisions based exclusively on information that is freely accessible, it is essential to be aware of the availability heuristic and the various hazards that it may present.
For the purpose of mitigating the impacts of this cognitive bias, it is recommended that before to reaching a decision, extra information be sought out and multiple points of view be taken into consideration.
We are able to avoid falling prey to the availability heuristic and make decisions that are more informed if we take the time to collect a wider variety of information and take the time to do so.
In conclusion, the availability heuristic is a useful tool for making rapid judgements in our busy life; however, it is essential to be aware of its limitations and the possibility of making mistakes when using it.
To be able to make decisions that are more accurate and well-rounded in both our personal and professional life, we must first be aware of this cognitive bias and then take the necessary efforts to obtain additional information and take into consideration a variety of views.