\'Judgment under Uncertainty: Heuristics and Biases\' is a significant article that explores how people make decisions when faced with uncertainty. Authored by renowned psychologists Amos Tversky and Daniel Kahneman, this work delves into the mental shortcuts, known as heuristics, that individuals commonly use in judgment and decision-making processes.The article identifies three primary heuristics:Representativeness: This heuristic involves estimating the likelihood of an event by comparing it to an existing prototype in our minds. For example, when trying to determine if someone is a teacher, we might compare them to our mental image of what a typical teacher looks like or behaves.Availability of Instances or Scenarios: This is about judging the frequency or probability of something based on how easily examples come to mind. For instance, if we can quickly think of multiple instances of airplane accidents, we might overestimate the risk of flying.Adjustment from an Anchor: This involves making estimations or decisions starting from an initial value (the anchor) and then adjusting away from it. For example, if a shirt is originally priced at $100 and then marked down to $70, we might see it as a bargain, influenced by the initial price as the anchor.While these heuristics are generally effective and efficient in helping us navigate daily decisions, the article highlights that they can also lead to systematic errors and biases. These biases occur because the shortcuts don't always account for the complexities or variations in real-world situations.Understanding these heuristics and the resulting biases is crucial, especially in fields like economics, psychology, and decision science, as it can lead to more accurate and rational decision-making, particularly in scenarios filled with uncertainty and incomplete information. The insights from this article have profoundly influenced various disciplines, from academic research to practical applications in policy-making, business, and healthcare.