Final answer:
The availability heuristic is a cognitive bias that causes people to estimate the likelihood of an event by the ease with which instances of the event can be recalled, often leading to misjudgment of actual probabilities.
Step-by-step explanation:
The heuristic that estimates the probability of something occurring based on how easily one recalls relevant occurrences of the event is known as the availability heuristic. This cognitive bias leads people to make judgments about the likelihood of an event based on how readily they can remember instances of similar events. For example, individuals may overestimate the frequency of plane crashes because they are highly publicized, despite the fact that statistically, plane crashes are rare compared to car accidents.
The availability heuristic suggest that events which are more memorable or vivid are perceived to be more common or probable than those that are less notable, despite what actual statistical evidence might show. This can result in skewed risk assessments in everyday decision-making. Understanding and being aware of this heuristic can help individuals to make more informed and logical decisions.