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Tversky-Kahneman
and Co. (prospect theory (Thaler (mental accounting…
Tversky-Kahneman
and Co.
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anchoring
priming
can be by completely irrelevant factors, meaning we all do that all the time :)
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representativness
"law of small numbers"
people want sample to fully represent properties of distribution
and see true randomness as trends and order
same variance for human generated sample of 10, 100 and 1000
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prospect theory
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overestimating low probability (mostly based on cognitive ease and availability) vs underweighting based on lack of availability
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less is more
joint valuation actually compares values, where single valuation regresses to average
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causal over statistical
causal base rate has more weight with people than statistical, even if they actually say the same
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