Sunday, August 21, 2011
Avoiding optimism bias
If a potential quality that you're contemplating is desirable to you, consider a potential quality of similar likelihood which is undesirable to you before deciding to chase the former quality.
For example:
1. The odds of winning the lottery are 1 in 20 million*. Yeah, those numbers are outrageous, but I'm going to play the lottery, anyway. You never know!
2. The odds of being struck by lightning are 1 in 20 million*. Phew, that's good to know. That's one less way of dying that I'll ever, ever have to worry about. It's basically a guarantee that it'll never happen to me.
Funny how we think about things differently depending on whether they benefit us -- even when the data are exactly the same in all instances! Regardless of what topics you're entertaining, always be sure to control for optimism bias during the decision-making process.
* These odds were fabricated for the purpose of the example.
Posted by Leaving Society at 1:46 PM
Labels: anti-bias, bias, optimism bias
1 comment:
AnonymousNovember 3, 2011 at 5:58 PM
Heh, that's an interesting post.
Your good post to bad post ratio is now 1/3459732895732895738295783957398250738295732895701750891357198035729805728935
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