- sample size matters but we often fail to take account of it
- statistics often produce observations that look like they have causal explanations but are instead due to chance....system 1 is the mode of thinking that makes these incorrect causal connections and jumps to (often wrong) conclusions
Some heuristics that highight system 1:
- representativeness heuristic (a mental shortcut whereby instances are assigned to categories on the basis of how similar they are to the category in general)
- availability heuristic (people make judgements about the likelihood of an event based on how easily an example, instance, or case comes to mind.
- adjustment and anchoring (anchoing is when someone starts with a point and makes adjustments to it to reach their estimate)
Why do we make these mistakes?
- base rate information
- predictive value (how credible is the source?)
- small sample size less reliable
Comments
No comments have yet been made