Introduction In the realm of decision-making, our ability to evaluate options and make rational choices is paramount. However, human psychology often introduces biases that can cloud our judgment and lead us astray. One such cognitive bias is the Ringelmann Effect, a phenomenon that reveals the counterintuitive outcome of decreased individual effort within a group setting. […]
Introduction In the realm of decision-making, our minds are prone to making associations and drawing correlations that may not actually exist. One such mental model that sheds light on this phenomenon is the Berkson Paradox. This paradox describes a situation where the correlation between two unrelated factors appears to be stronger than it actually is […]
Introduction In the realm of decision-making, human minds are often swayed by cognitive biases that can lead to irrational judgments. One such bias, known as the Law of Large Numbers mental model, plays a significant role in shaping our decision-making processes. Anchored in human psychology, this model relates to the belief that outcomes will align […]
Introduction In the realm of decision-making, humans often find themselves ensnared in mental traps that hinder rational thought processes. One such cognitive bias, known as the Churn mental model, significantly impacts our ability to make sound judgments. Derived from the concept of churn in business, this model refers to the tendency of individuals or groups […]
Introduction In the realm of decision-making, humans are susceptible to various cognitive biases that can lead to erroneous judgments. One such pervasive mental model is the Gambler’s Fallacy. It refers to the mistaken belief that past events in games of chance, such as gambling or random events, influence future outcomes. Anchored in human psychology, the […]
Introduction In the realm of decision-making, humans often succumb to cognitive biases that lead to irrational judgments and faulty reasoning. One such prevalent mental model is the Hot Hand Fallacy. It refers to the mistaken belief that a person’s success in a particular endeavor, such as sports or investing, is likely to continue in a […]