Judgment heuristics

Field in psychology that observes and explores irrational decision-making. People often make irrational and illogical decisions, often ignoring risks and uncertainty, using cognitive processes that are not completely clear. Judgment heuristics examine the circumstances for enhancing validity of forecasting, both expert and intuitive. This field was pioneered by Daniel Kahneman and Amos Tversky. Kahneman received a Nobel Prize for his work in this field. In his Nobel acceptance speech he said: “[Amos Tversky and I] studied intuitions – tthoughts and preferences that come to mind quickly and without much reflection. …(T)houghts differ in a dimension of accessibility – some come to mind much more easily than others … [There are] two generic modes of cognitive function: an intuitive mode in which judgments and decisions are made automatically and rapidly, and a controlled mode, which is deliberate and slower.[We studied] the factors that determine the relative accessibility of different judgments and responses. … (Kahneman, 2002).