Guys aren’t those biases pretty much the same ? How do you distinguish them? thx in advance
Just wondering the same. Looks like the same to me
sample size neglect has statistical angle to it (look up the BB eg.) and
narrow range of experience has more to do with what’s available to individual at their disposal/their own experience. (look up EoC).
All said, Representative vs. Availability do sound very close (at least in a few instances), but broadly speaking one has more to do with ”classification” /how to fit this or make it this look similar (Rep. Bias)
vs. Availability is more what comes immediately to an individual memory.
In my opinion, there is a really good AM question on Rep vs. Availability (cant remember which year..)
cfa2014 wrote: In my opinion, there is a really good AM question on Rep vs. Availability (cant remember which year..)
2014, question 11.
The official answer allowed for the same justification for availability and representativeness.
Simplify the complicated side; don't complify the simplicated side.
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