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In this video, we will explore What is Availability Bias
We will look at what it is, how does it work, why it’s important and I will also share some examples to illustrate it.
The availability bias, also known as availability heuristic, is a mental shortcut that relies on immediate examples that come to a person's mind when evaluating a specific topic, concept, method or decision.
The availability bias describes our tendency to think that whatever is easiest for us to call should provide the best answer to the problem.
Lottery companies are employing the availability heuristic when they remind us of recent winners.
We subsequently overestimate our own likelihood of winning and divert money towards the purchase of lottery tickets.
Recent events and information are therefore playing an important role in our decision-making. From one side it’s good as that can help use to arrive at the decision quicker.
But from the other side if the recent information is inaccurate then we could be making the wrong decisions that might affect our future.
Let’s say you are investing in the stock market and your friends who are also trading recently have started to sell a particular stock.
So next time you look at your portfolio and you have to make a decision you will be likely to sell it as well due to recent information from your friends.
If you want to avoid falling into the availability bias trap then you have to make sure that you always do the research before making a decision.
Also be sure to validate the information that you have recently heard or seen before basing your whole decision on it.
I hope that you enjoyed this video and I was able to give you a quick overview of what Availability Bias is and what role it plays in our life.
If you enjoyed this video I would really appreciate it if you could press the like button as this will help the video reach more people and spread the message.
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Hi, My name is Janis and I’m Content Creator and Entrepreneur.
One thing that I’m really passionate about is Time Management. Time is the resource that we all need to manage in order to achieve our goals.
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