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Hindsight Effect
Simulation Heuristic
Simulation heuristic applies in situations where one is asked to make some prediction about future events, or is asked to conceive of some alternate outcome to an event or action.
More specifically, the simulation heuristic involves a mental construction or imagining of outcomes, a forecasting of how some event will turn out, or how the event might have turned out under different circumstances.
Thus the ease with which these plausible scenarios can be constructed or immagined is the basis for the simulation heuristic, in much the same way as the ease with which relevant information can be retrieved from memory is the basis for the availability heuristic.
When reflecting on some of the big decisions one has made in her/his life (whether to take a particular job, marry a particular person, or buy a particular car), people often get a very powerful experience of the hindsight effect.
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