Common Probability Errors to Avoid - Deepstash

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Common Probability Errors to Avoid

fs.blog

Understanding probability

Understanding probability will help you get a more correct picture of the world and help you make better decisions.

Most of us fall prey to the same handful of issues because aspects of probability go against what we think is intuitive.

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When two event are interconnected, the former happening increases or decreases the probability of the latter happening.

  • Your car insurance gets more expensive after an accident because car accidents are not independent events. A person who gets in one is more ...

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In Naked Statistics, Charles Wheelan explains: “A different kind of mistake occurs when events that are independent are not treated as such . . . If you flip a fair coin 1,000,000 times and get 1,000,000 heads in a row, the probability of getting heads on the next flip is still 1/2. The very ...

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While particular improbable events are improbable, the chance of any improbable event happening at all is highly probable.

  • Your chances of getting struck by lightning are almost zero. But with so many people walking around and so many storms, it has to happen to s...

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