Final answer:
Representative bias, also known as the representativeness heuristic, is the cognitive bias where individuals judge the likelihood of events by how closely they match their mental prototypes, leading to potential misjudgement's and stereotypes.
Step-by-step explanation:
The cognitive bias that involves judging the likelihood of things in terms of how well they seem to represent or match particular prototypes is known as representative bias or the representativeness heuristic. This bias leads individuals to make judgments about the probability of an event under uncertainty based on how much it resembles existing prototypes in their minds. It can result in stereotypes and incorrect assumptions because the judgment is highly influenced by what is subjectively deemed typical, rather than by using actual statistical information.