What is representativeness?
Judging probability by similarity to a familiar pattern rather than by base rates, one of the three heuristics Tversky and Kahneman (1974) identified.
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.