The availability heuristic and anchoring bias are cognitive biases that affect decision-making by relying on easily accessible information and initial values, respectively.
Availability heuristic is a faulty heuristic where decisions are made based on easily accessible information, even if it may not be the most reliable. This bias can lead to errors in judgments as people tend to rely on what comes to mind easily.
The availability heuristic can influence perceptions of frequency or likelihood of events based on how easily examples come to mind. For example, overestimating the risk of an event due to vivid examples.
Anchoring bias is closely related, involving relying heavily on initial information when making decisions. This bias can impact estimations and judgments by anchoring subsequent assessments to the initial data.
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