Week 1

Question 1

Survivorship Bias IRL

Answer 1

you need to consider the whole sample, not just individual ones that succeeded

Question 2

Gamblers Fallacy

Answer 2

the idea if something happens more frequently than normal during a given period, it will happen less frequently in the future (Or vice versa)

Question 3

Dual Process Model of Reasoning

Answer 3

this idea that our mind has 2 dual processes going on
-dual process: fast thinking and slow thinking

• System 1 – Fast thinking, associative, automatic, intuitive, few informational inputs, pattern completion, heuristics
• System 2 – Slow thinking, controlled, reflective, many informational inputs, algorithms applied