<Li> Hot - hand fallacy </Li> <Li> Peak - end rule </Li> <P> There are competing theories of human judgment, which differ on whether the use of heuristics is irrational . A cognitive laziness approach argues that heuristics are inevitable shortcuts given the limitations of the human brain . According to the natural assessments approach, some complex calculations are already done rapidly and automatically by the brain, and other judgments make use of these processes rather than calculating from scratch . This has led to a theory called "attribute substitution", which says that people often handle a complicated question by answering a different, related question, without being aware that this is what they are doing . A third approach argues that heuristics perform just as well as more complicated decision - making procedures, but more quickly and with less information . This perspective emphasises the "fast and frugal" nature of heuristics . </P> <P> An effort - reduction framework proposed by Anuj K. Shah and Daniel M. Oppenheimer states that people use a variety of techniques to reduce the effort of making decisions . </P>

Describe the difference between the availability heuristic and the representativeness heuristic