From the course: Everyday Statistics, with Eddie Davila

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Cognitive bias

Cognitive bias

From the course: Everyday Statistics, with Eddie Davila

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Cognitive bias

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- [Instructor] Data and statistics are guides that give us clues to a larger truth. Ultimately though, humans must interpret those numbers. And by using the available data and statistics they can hopefully make good decisions. All sorts of decisions in all walks of life, business science, and even sports, all these decisions rely on humans making sense of the available data and statistics, data and statistics that are often imperfect, incomplete, or complex. Nonetheless, whether data is limited or abundant, humans are often their own worst enemies when trying to make sound decisions that are rooted in data. Why? Well humans, all humans, have internal biases. These are often referred to as cognitive biases, systematic errors in our thinking that can lead to poor decision-making. The scary thing is that there's dozens of cognitive biases. So let's take a look at just a few examples. First, recency bias, also sometimes known…

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