A(n) ______ occurs when a person with a narrow range of experience uses too narrow a frame of reference based upon that experience when making an estimate.

A. conservatism bias
B. availability bias
C. framing bias

Correct Answer: B

This is availability bias from narrow range of experience. An individual may use a limited scope of experience rather than considering multiple perspectives when estimating. For instance, an investor may assume that the positive performance of an investment in an economy will translate into its success in the global economy.