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Survivorship Bias
Success is more visible than failure, so people are systematically overestimating chances of succeeding.
News about startups getting funded makes people forget how high the rate of startup failure actually is.
46
721 reads
Swimmer’s Body Illusion
Professional swimmers have perfect bodies not because of their training. Instead, they become good swimmers because of their physique.
Similarly, students from best universities are relatively more successful not just because of the quality of its education, but rather because of their highly selective admission.
People mistake what determines the selection with the result.
48
589 reads
Sunk Cost Fallacy
When we have invested some time, effort, or money, while the result is not as expected, we have tendency to carry on, because of that initial investment.
This is irrational because the expense has happened and we can’t change the past.
Decision about the future must be guided by expected cost and benefit from that point forward.
58
565 reads
Overconfidence Effect
We systematically overestimate our knowledge and our ability to predict something. Experts are not different.
84% men in France think that they are above average lover. 93% of students in US think they are above average driver.
5
11 reads
IDEAS CURATED BY
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Curious about different takes? Check out our The Art of Thinking Clearly Summary book page to explore multiple unique summaries written by Deepstash users.
Different Perspectives Curated by Others from The Art of Thinking Clearly
Curious about different takes? Check out our book page to explore multiple unique summaries written by Deepstash curators:
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