Explain what is meant by intuition, and describe how the availability heuristic, overconfidence, belief perseverance, and framing influence our decisions and judgments.
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Overconfidence
Tendency to overestimate the accuracy of our knowledge and judgements
Availability heuristic
When we base our judgements on the availability of information in our memories
Intuition
An effortless, immediate, unreasoned, automatic feeling or thought
Belief perseverance
Clinging to our ideas even if the evidence we based it on isn't correct
Sunk Cost Fallacy
Tendency to invest resources (time, $, etc) after some had already been made
Framing
The way an issue is posed
