Examlex
The condominium owner would choose an ____ policy.
Representativeness Bias
A cognitive bias where individuals inaccurately judge the probability of an event by comparing it to an existing prototype in their minds.
Heuristics
Heuristics represent simplified strategies or rules of thumb that individuals use to make decisions or solve problems quickly when faced with complex information or limited time.
Uncertainty Reduction
The process of acquiring information to minimize the uncertainties about decision-making or more fully understand a situation.
Optimizing
The process of making the best or most effective use of a situation, resource, or opportunity with the goal of achieving the optimum outcome.
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