Final answer:
Heuristics are mental shortcuts that are quicker than detailed reasoning, with the availability heuristic occurring when evaluation is based on easily recalled examples.
Step-by-step explanation:
Heuristics are mental shortcuts that simplify decision-making tasks. The correct description of the availability heuristic is that it occurs when we evaluate new information based on the most recent or most easily recalled examples, rather than on objective data or statistical probabilities. Therefore, the availability heuristic can lead us to overestimate the frequency or likelihood of events based on their memorability or vividness.
When discussing the advantages of using heuristics, it is important to note that while they can be less accurate than detailed reasoning, they do have the benefit of being quicker. This time-saving aspect can be a significant advantage in situations where quick decision-making is crucial.
Option 4 best describes the benefits of heuristics: 'Reasoning using heuristics is advantageous because it is often quicker than reasoning without heuristics.'