Overview
The conjunction fallacy is a cognitive bias that leads individuals to incorrectly believe that specific conditions are more likely than a single general condition. This fallacy can significantly impact decision-making in various fields, including marketing, law, and personal finance. Understanding t...
Key Terms
Example: The probability of flipping a coin and getting heads is 0.5.
Example: Confirmation bias leads people to favor information that confirms their existing beliefs.
Example: Using the rule of thumb to estimate costs.
Example: Believing that a person who is a bank teller and active in the feminist movement is more likely than just a bank teller.
Example: Choosing a college based on various factors like location, cost, and programs offered.
Example: A hiring manager may have a bias towards candidates from certain universities.