What is heuristic?
A mental shortcut for judgment under uncertainty that is often useful but can produce systematic errors (Tversky and Kahneman, 1974): representativeness, availability, and anchoring-and-adjustment.
Where you will use it: this term comes up in the Real Estate Finance course, and the full course glossary collects every term in one place.
Related terms
From the free Real Estate Finance course by Devon Coombs, CPA, MBA.