Explain what is meant by intuition, and describe how the availability heuristic, overconfidence, belief perseverance, and framing influence our decisions and judgments.

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