ELI5: Explain Like I'm 5

Availability bias

Availability bias is when we base our decisions on things that come easily to our minds. For example, if we hear about a lot of shark attacks in the news, we might start thinking that it's very dangerous to swim in the ocean. This is because the news stories make the idea of a shark attack very available to us, so it seems more common and more dangerous than it actually is.

Another example is when we judge how likely something is to happen based on how easily we can remember it happening in the past. For instance, if we know someone who has won the lottery, we might think that it's more likely for us to win too, even though the odds are still very low.

Overall, availability bias happens when we let certain information or ideas come to mind easily and then use them to make judgments or decisions, instead of considering all the available information.