UCI Psychological Influences on Personal Probability Discussion

For the following “Ways that personal probabilities can be distorted,” create a hypotheticalexample showcasing the specific problem, and explain how it might distort your personalprobability (does it increase it beyond the true value, or decrease it?). Do not use examplesfrom the book or from lecture.1. Anchoring: where you are given a reference point and your answers tend to be near thatpoint.2. Representative Heuristic: where you view an event as more or less likely based on howmany times it has happened to you or how you imagine it happening.3. The Availability Heuristic: where the probability of an event is viewed as more or lesslikely based on how many times we remember seeing it in the news.