51. Cognitive biases in risk management – Neglect of probability – Alex Sidorenko

The neglect of probability, a type of cognitive bias, is the tendency to completely disregard probability when making a decision under uncertainty and is one simple way in which people regularly violate the normative rules for decision making. Small risks are typically either neglected entirely or hugely overrated. The continuum between the extremes is ignored.… Continue reading 51. Cognitive biases in risk management – Neglect of probability – Alex Sidorenko