The process of judging some problem situation on the basis of its similarity with one encountered earlier, is known as

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Correct Answer: Heuristics of representativeness. * The correct answer is Heuristics of representativeness . * Representativeness heuristic bias occurs when the similarity of objects or events confuses people's thinking regarding the probability of an outcome. People frequently make the mistake of believing that two similar things or events are more closely correlated than they actually are. * The anchoring and adjustment heuristic describes cases in which a person uses a specific target number or value as a starting point, known as an anchor, and subsequently adjusts that information until an acceptable value is reached over time.

The process of judging some problem situation on the basis of its similarity with one encountered earlier, is known as

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