Scinovex
articleTop 1% cited

Judgment under Uncertainty: Heuristics and Biases

Science · 1974 · Vol. 185(4157) · pp. 1124–1131
Amos TverskyDaniel Kahneman

Abstract

This article described three heuristics that are employed in making judgments under uncertainty: (i) representativeness, which is usually employed when people are asked to judge the probability that an object or event A belongs to class or process B; (ii) availability of instances or scenarios, which is often employed when people are asked to assess the frequency of a class or the plausibility of a particular development; and (iii) adjustment from an anchor, which is usually employed in numerical prediction when a relevant value is available. These heuristics are highly economical and usually effective, but they lead to systematic and predictable errors. A better understanding of these heuristics and of the biases to which they lead could improve judgments and decisions in situations of uncertainty.

Statistics Education and MethodologiesForecasting Techniques and ApplicationsDecision-Making and Behavioral EconomicsHeuristicsRepresentativeness heuristicComputer scienceClass (philosophy)Process (computing)Object (grammar)Event (particle physics)Artificial intelligenceMachine learningPsychology
Citations
27,472
FWCI
40.29
field-weighted impact
References
12
Percentile
100%
vs. same field & year
Citations per year
Cited by
The Anchoring-and-Adjustment Heuristic
Psychological Science · 2006 · 901 citations
Investor Psychology and Asset Pricing
The Journal of Finance · 2001 · 2,421 citations
Investor Sentiment Aligned: A Powerful Predictor of Stock Returns
Review of Financial Studies · 2014 · 1,108 citations
From Efficient Markets Theory to Behavioral Finance
The Journal of Economic Perspectives · 2003 · 1,720 citations
References
Genesis of popular but erroneous psychodiagnostic observations.
Journal of Abnormal Psychology · 1967 · 855 citations
Belief in the law of small numbers.
Psychological Bulletin · 1971 · 3,242 citations
On the psychology of prediction.
Psychological Review · 1973 · 6,208 citations
Illusory correlation as an obstacle to the use of valid psychodiagnostic signs.
Journal of Abnormal Psychology · 1969 · 1,001 citations
Related articles
Judgment under Uncertainty: Heuristics and Biases
Science · 1974 · 27,472 citations
Citation Network

How this paper connects to the literature. Drag to explore, click any node to open that paper.