Examlex
Explain the process of bounded rationality for the typical individual.
Functional Fixedness
A cognitive bias that limits a person to using an object only in the way it is traditionally used, hindering problem-solving abilities.
Confirmation Bias
The tendency to search for, interpret, favor, and recall information in a way that confirms one’s preexisting beliefs or hypotheses.
Availability Heuristic
A mental shortcut that relies on immediate examples that come to a given person's mind when evaluating a specific topic, concept, method, or decision.
Base-Rate Information
Statistical information about the relative frequency of events or characteristics within a given population.
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