5 concepts to level up:
Delayed Gratification
Base Rate Neglect
Neglect of Probability
Friendship Paradox
Woozle Effect
Thread 👇
Delayed Gratification
Base Rate Neglect
Neglect of Probability
Friendship Paradox
Woozle Effect
Thread 👇
Delayed Gratification
The process an individual undergoes when resisting the temptation of an immediate reward in preference for a later reward
We live in a world of instant gratification: those who master the power of delayed gratification are the ones who win long term
The process an individual undergoes when resisting the temptation of an immediate reward in preference for a later reward
We live in a world of instant gratification: those who master the power of delayed gratification are the ones who win long term
Base Rate Neglect
A tendency to ignore the a priori probability of something by putting heavier weight on appealing information about an individual’s case
Only 3% of applicants make it into this school, but my daughter is brilliant. I’m sure they’re going to accept her!
A tendency to ignore the a priori probability of something by putting heavier weight on appealing information about an individual’s case
Only 3% of applicants make it into this school, but my daughter is brilliant. I’m sure they’re going to accept her!
Neglect of Probability
The tendency to disregard probability in decision making under uncertainty. Small risks are either neglected entirely or hugely overrated
Hindsight bias is a common result of the tendency to neglect probability
The tendency to disregard probability in decision making under uncertainty. Small risks are either neglected entirely or hugely overrated
Hindsight bias is a common result of the tendency to neglect probability
Friendship Paradox
Most people have fewer friends than their friends have, on average
People with more friends are more likely to be one of your friends (sampling bias)
In reality, it's a contradiction because most people believe they have more friends than their friends have
Most people have fewer friends than their friends have, on average
People with more friends are more likely to be one of your friends (sampling bias)
In reality, it's a contradiction because most people believe they have more friends than their friends have
Woozle Effect
When frequent citation of previous information that lacks evidence misleads individuals into believing it’s evidence
"A reliable way to make people believe in falsehoods is frequent repetition, because familiarity is not easily distinguished from truth"
When frequent citation of previous information that lacks evidence misleads individuals into believing it’s evidence
"A reliable way to make people believe in falsehoods is frequent repetition, because familiarity is not easily distinguished from truth"
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