Introduction In the realm of decision-making, our minds can play tricks on us, leading to biased and flawed judgments. One mental model that sheds light on this phenomenon is Selection Bias. This bias occurs when we draw conclusions or make decisions based on a non-representative sample of data, inadvertently excluding certain individuals or factors from […]
Introduction In the realm of decision-making, our cognitive biases can often lead us astray, hindering our ability to make rational choices. One such mental model that sheds light on this phenomenon is the Neglect of Base Rate. This model refers to our tendency to disregard the statistical base rate information when making judgments or predictions, […]
Introduction In the realm of decision-making, our cognitive biases can often lead us astray, hindering our ability to make rational choices. One such mental model that exemplifies this phenomenon is the Anscombe Quartet. Named after the British statistician Francis Anscombe, this quartet consists of four datasets that share strikingly similar statistical properties, yet depict drastically […]
Introduction In the complex landscape of decision-making, understanding the mental models that shape our perceptions and judgments is crucial. One such mental model that significantly impacts our choices is the concept of the Order of Magnitude. Rooted in human psychology, this model refers to the scale or size of a quantity or event, rather than […]
Introduction In the realm of decision-making, numerous mental models help us navigate the complexities of choices and outcomes. One such model that profoundly impacts our judgments is “Velocity.” Derived from physics, the Velocity mental model refers to the tendency of individuals or groups to make quick, impulsive decisions without thoroughly considering the consequences. This blog […]
Introduction In the realm of decision-making, the mental model of Probability Distributions plays a crucial role. It involves understanding the likelihood of various outcomes and their associated probabilities. This model is deeply anchored in human psychology, as we strive to make sense of uncertain events and predict their potential outcomes. This blog post explores the […]