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Tag Archives: decision-making

Tail Probabilities, Ahiqar the Aramaean | Facebook

Finally put my finger on what is wrong with the common belief in psychological findings that people “irrationally” overestimate tail probabilities, calling it a “bias”. Simply, these experimenters assume that people make a single decision in their lifetime! The entire field of psychology of decisions missed the point.* If you take the risk –any risk […]