Economics, 3rd Edition

The Availability Heuristic 

Cases where decisions are made based on an assessment of the risks of 

the likelihood of something happening are referred to as availability heuristics. If examples readily come 

to mind as a result of excessive media coverage, for example, decisions may be taken with a skewed 

assessment of the risks. If a consumer brings to mind the idea that the last couple of winters have been 

particularly bad then they might be more likely to buy equipment to help them combat adverse weather 

for the next winter. Consumers who use commuter trains are more likely to give negative feedback about 

the service they have received if their recent experience has been of some delays or cancellations even if 

the overall level of punctuality of the train operator has been very high.