Cognitive Biases End of history illusion End of history illusion refers to the fact that individuals assume that they will not change in the future, and will remain mostly the same.
Cognitive Biases The Law of small numbers Law of small numbers, or hasty generalization, is a cognitive bias and refers to the tendency to draw broad conclusions based on small data.
Mathematics / Statistics / Terms and Concepts The Law of Large Numbers Law of Large Numbers (LLN) states that as the number of observations of an event increases, the observed probability approaches to the expected value.
Economics / Microeconomics / Terms and Concepts Rational Preferences An agent has rational preferences if her preferences fulfill two properties, that they are complete and that they are also transitive.
