Psychological Influences on Personal Probability

Personal probabilities are usually very much influenced by psychological influences, because the personal probability is hundred percent based upon individual thinking. Business people takes advantage of the same influence and build their marketing strategies to sell their product. Text has described few examples, how people leads to wrong decisions by Representativeness Heuristic and the forgotten Base rates. According to the text, representativeness heuristic leads people to ignore information that they have about the likelihood of various outcomes.

In today’s life style, people do not have time to cook and so they tend to eat pre-prepared unhealthy food or in the restaurants, which is also unhealthy. The standard of living especially in US does not allow any physical exercise and finally the work environmen...