It was confusing for me to choose any one definition over other two, so I am putting all three here.
- We are prone to make judgement based on what is easily available to our memory.
- We make theories and assumptions based on what comes easily in our mind.
- If something comes in our mind frequently, our mind consider it very important.
The best example we can relate to is, COVID-19.
Entire media was optimised and focused on serving us the Increasing Numbers of Cases.
If we come across these numbers all around in social media, TV and general talk all around, It vividly prints on our working memory.
In that case, It becomes very easy for our memory to recall death toll and hard to recall number of recoveries.
The result?
“PANIC”.
It means, we overestimate what we think will happen and at the same time underestimate what we think won’t happen.
But, Just because it’s easy for us to retrieve that information, Reality don’t adjust to it. Instead, We need to adjust our lenses for Reality.
I have also observed that,
Due to Availability bias, We overestimate possibilities which we like and underestimates possibilities we don’t like. Just because we like it, we collect and consume more information which is favourable to our taste and avoid what is not favourable. The more we consume it, the more available it becomes to our mind. The more available it is, the more chances for us to overestimate it. (Its combination of Availability bias and Liking Bias).
One song from Frank Sinatra explain this bias very accurately,
Oh my heart is beating wildly and it’s all because you’re here.
When I’m not near the girl I love, I love the girl I’m near.
Most probable solution to prevent this bias is,
Consider all other possible combinations and permutations before making any firm choice or judgement.
Writer Pratik 