The correct answer is Assessing utility.

• Anchoring heuristic
  • It is also known as focalism.
  • It refers to the human tendency to accept and rely on, the first piece of information received before making a decision.
  • That first piece of information is the anchor and sets the tone for everything that follows.
• Heuristics of representativeness
  • It involves estimating the likelihood of an event by comparing it to an existing prototype that already exists in our minds.
  • It is the process of judging some problem situation on the basis of its similarity with one encountered earlier.
  • It is what we think is the most relevant or typical example of a particular event or object.
  • We tend to overestimate the similarity between the two things they are comparing.
• Adjustment heuristic
  • It is when people employ a certain starting point (“the anchor”) and make adjustments until they reach an acceptable value over time.
• Availability heuristic
  • It describes our tendency to use information that comes to mind quickly and easily when making decisions about the future.
  • It can lead to bad decision-making because memories that are easily recalled are frequently insufficient for figuring out how likely things are to happen again in the future.
• Preparation for a utility assessment typically includes structuring the decision problem, developing an appropriate scale for measuring the attribute to be evaluated, and then acquainting the decision-maker with various aspects of assessment procedures.
• Hence, Assessing utility is NOT a rule for estimating the likelihood of outcomes of any decision.