Monty Hall Problem
Do you know about the Monty Hall Problem?
If you deal with data, statistics and probabilities...it's worth taking a few minutes to understand the Monty Hall Problem and how restricted choice can create bias in your results.
This bias was so strong and at the same time so subtle that famous behavioral scientists have fallen prey to it. Perhaps one of the greatest examples is the Hot Hand Fallacy.
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Interest in Programming, Data Science and Investments. Love discussing economics and behavioral psychology.
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What's the take?
Many studies are made with large datasets which then have a subset of data collected from it.
When making decisions based on these studies...it's worth asking yourself if the possibility of a restricted choice or Monty Hall Problem may have created bias in the results.
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