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The situation in which Wally relies on a restaurant suggestion from his coworkers illustrates the availability heuristic. This cognitive bias occurs when individuals make decisions based on the information that is most readily available in their memory, often influenced by recent experiences or easily recalled information. In Wally's case, the coworkers' recommendation is a piece of information that stands out to him, likely because it was shared recently, making him more inclined to trust their opinion.

The availability heuristic can often lead to overestimating the likelihood of certain events or options based on how quickly and easily examples come to mind. Wally’s decision is influenced by the immediacy and salience of the coworker suggestions, rather than a comprehensive analysis of all possible dining options.

Other options do not fit in the same context; representativeness heuristic involves making judgments based on how well something fits a stereotype, anchoring bias relates to relying heavily on the first piece of information encountered, and the framing effect deals with how different presentations of the same information can influence decision-making.