Can you guess which bias - a bias in each one of us (which we may not want to admit) - gets triggered by posts such as these?
Some options for you to pick from:
- The Confirmation Bias
- The Sunk Cost Bias
- The Survivorship Bias
- The Halo Effect
- The Conformity Bias
- None of the above (now I sound like an exam paper, albeit one that hasn't leaked out)
If none of the above, then what is it?
Happy Tuesday and keep that frown upside down 🙂
Scroll down for the answer......…
No, some more down.......
Yuppp, some more down.......
Well, it is the Survivorship bias that might be triggered by posts like these: someone lived to be 96, after eating vaseline every day, so.....
...so should I do that too?
It's a false correlation, of course. If it were true and endorsed by medical science, all of us would have vaseline stocked in the kitchen, alongside Chawanprash.
Ok, so what if - just if - there is a correlation?
Nope, even if there were to be correlation, it does not mean causation - that one causes the other: One person has vaseline, lives long, does not mean it's the mandatory dietary reco for a long life. He could have lived long because he brushed his teeth with pumpkin paste or walked on walnuts or (as is more likely) had a good set of genes (moral: choose your parents wisely).
Back to Survivorship Bias:
Have you been getting carried away by it and justifying it to yourself (and others)? Learning more about this can save you a lot of money (and time and other equally useful stuff).
Have you been getting carried away by it and justifying it to yourself (and others)? Learning more about this can save you a lot of money (and time and other equally useful stuff).
Lives too, as Abraham Wald will tell you.
To learn more about survivorship bias, here's the place to go to:
https://thedecisionlab.com/biases/survivorship-bias
And don't miss the story of Abraham Wald in this article, if you haven't heard it before - it's just brilliant!
https://thedecisionlab.com/biases/survivorship-bias
And don't miss the story of Abraham Wald in this article, if you haven't heard it before - it's just brilliant!
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