Response Paper Case Study Solution

In contradiction, intuitive judgmentstend to violate the normative statistical theory. Whereas the persistence of illusion of validity was based on the awareness about the factors that limits the predictability accuracy. Similarly, the insufficiency of the adjustments lead to the underestimation at the starting point as compared to anchoring for the frequency and probability.

Despite the issues in estimating the frequencies and probabilities, there has not been any theory to correct the errors that would lead towards an improved version. The effectiveness of the approaches is underestimated due to its systematic and predictable errors that could improve the ability of the human beings through improved calibrationto address and make decisionsabout the uncertaintyof the situation. Thus, future implication of these approachesmight extend its application in different fields. (T. Wasklewicz, 2013)………………………………….

 

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