Cognitive Biases The Law of small numbers Amos and I called our first joint article “Belief in the Law of Small Numbers.” We explained, tongue-in-cheek, that “intuitions about random sampling appear...
Mathematics / Statistics / Terms and Concepts The Law of Large Numbers Another mistaken notion connected with the law of large numbers is the idea that an event is more or less likely to occur because it...
Microeconomics / Terms and Concepts Rational Preferences I don’t drink coffee I take tea my dear I like my toast done on one side … Sting – Englishman in New York ...
Cognitive Biases The Gambler’s Fallacy: odds are not in your favor Play interests me very much,” said Hermann: “but I am not in the position to sacrifice the necessary in the hope of winning the...
