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Article Synopsis

Category: Essay

Subcategory: Economics

Level: College

Pages: 1

Words: 275

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Heuristics in psychology refer to a framework of rules which play a significant role in guiding the decision-making process of an individual. These can be defined as mental shortcuts which make the judgment a lot easier through focusing on the critical elements and ignoring the issue that seems less important (Volunteers, Wikipedia). These simple rules are quite essential in judgment and decision making, but they can lead to deviations from logic, probability or rational choice theory. Cognitive bias develops from such deviation, and it has adverse effects on individual decision making whereby a person can make a series of bad decisions without realizing.
Scholars initially highlighted that human judgment entirely depends on the available information, time constraints and the cognitive ability of an individual. All the decisions made by people are guided and limited to these three crucial elements (Volunteers, Wikipedia). Researchers Tversky and Kahneman came up with the suggestion of the existence of three heuristics which are representativeness, availability, and anchoring. These there are the primary human judgment theories which determine the decisions made by an individual.
Emotional intelligence exists in individuals, and it guides their general reaction and response to specific occurrences. Ideally, it plays a critical role in influencing decision making. Though the study of emotional intelligen…

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