Which statement best describes the cognitive bias known as reason by analogy?

• A. It describes the tendency to overestimate the likelihood of events based on how easily examples come to mind.
• B. It involves solving new problems by applying solutions from similar past situations, even if the analogy is not fully appropriate.
• C. It refers to the tendency to ignore base rate information in favor of specific information.
• D. It is the inclination to seek out information that confirms one's preexisting beliefs.

Answer: (B)

Verified step by step guidance

1. Step 1: Understand that 'reason by analogy' is a cognitive process where individuals solve new problems by relating them to similar problems they have encountered before.
2. Step 2: Recognize that this involves applying solutions or strategies from past experiences to current situations, even if the situations are not exactly the same.
3. Step 3: Differentiate this from other cognitive biases such as availability heuristic (overestimating likelihood based on ease of recall), base rate neglect (ignoring statistical information), and confirmation bias (seeking information that confirms beliefs).
4. Step 4: Identify that the key feature of reasoning by analogy is the use of similarity between problems to guide problem-solving, which can sometimes lead to errors if the analogy is not fully appropriate.
5. Step 5: Conclude that the best description of reasoning by analogy is the one that highlights solving new problems by applying solutions from similar past situations, even if the analogy is imperfect.