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The Survivorship Bias

The Survivorship Bias

We tend to be interested in the success stories of many. We love the encouragement it provides us, but we often overlook the fact that most of these success stories have undergone through many failures.

Survivorship bias is when we concentrate on the people and the things that passed through a selection process and experienced a form of success. This process tends to overlook those who did not make it through and almost always leads to false conclusions.

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MORE IDEAS FROM THE SAME ARTICLE

Most of the inspirational success stories we see give out advice like waking up at 5 AM in the morning or eating a well-balanced meal. Those are important, but we should not overlook those who were unsuccessful.

We should learn from their mistakes and be...

We must remember that most people do not become rich and famous. Most leaps of faiths are miscalculated. This does not mean that we should stop trying, instead we should remain to have a realistic understanding of reality.

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When we ignore the logical error of the stories and advice we hear it deceives us into believing that past failures are not adequate enough to be considered.

This bias induces people to see correlation in sheer coincidences.

A great example is when the ...

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Survivorship Bias

Survivorship bias is a logical error that twists our understanding of the world and leads to a wrong understanding of cause and effect.

We fall into survivorship bias when we assume that success stories tell the entire story of a product/business, while we don't properly consider past fail...

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1. Anchoring Bias

Let’s say you go to buy a watch, and the first one you like costs $150, which exceeds your budget, soon after you see a watch that costs $125, this new price seems reasonable now, even though this too might exceed your budget, however, as compare...

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The egocentric bias

The egocentric bias causes us to think that our own perspectives are more important when considering events, ideas, and beliefs. For example, we tend to overestimate the amount we contributed to a team project.

The bias can make it more challenging to understand o...

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