The idea behind representativeness is that people tend to make conclusions or link events to each other that might have no correlation at all. Representativeness is another type of heuristic Kahneman and Tversky identified in their research. For example, after writing down the last two digits of their social security numbers, research subjects were asked to bid on items like chocolate or computer equipment, and subjects with higher social security numbers bid much higher than those with lower numbers. This can be a useful skill, but these anchor numbers can often be completely arbitrary. When we need to estimate something, like the value of a bottle of wine or how tall a tree is, we tend to start from a readily available number-or anchor-and then adjust it until we reach a plausible conclusion. One type of heuristics is known as Anchoring, something we’ve talked about on this blog before. However, they can also be deeply flawed, and even dangerous. Most of the time, heuristics are harmless or even advantageous when it comes to helping us make everyday choices. One such term is “heuristics,” used to describe the cognitive shorthand people use to make decisions. In their decades of research, Tversky and Kahneman coined a number of terms that still exist in behavioral economics today. Not only is this not true, as Kahneman and Tversky would spend their whole careers proving, we’re almost the complete opposite! People are nowhere near as rational as they think they are In the beginning, scientists, economists, and marketers all saw people as rational, left-brained individuals who were capable of using hard data to make decisions without being swayed by emotions, instincts, or false beliefs.
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