Probability Matching
A decision-making strategy where individuals allocate resources proportionally to the probability of an outcome occurring, rather than optimizing the most likely outcome.
19 topics found for
“probability understanding”
Certainty Effect
A cognitive bias where people give greater weight to outcomes that are certain compared to those that are merely probable.
Hard-Easy Effect
A cognitive bias where people overestimate the probability of success for difficult tasks and underestimate it for easy tasks.
List Length Effect
A phenomenon where the probability of recalling an item from a list depends on the length of the list.
Normal Distribution
A statistical distribution where most occurrences take place near the mean, and fewer occurrences happen as you move further from the mean, forming a bell curve.
Logistic Regression
A statistical method used to predict a binary outcome based on prior observations, modeling the probability of an event as a function of independent variables.
Regressive Bias
A cognitive bias where individuals overestimate the likelihood of extreme events regressing to the mean.
Normal Data Distribution
A symmetrical, bell-shaped distribution of data where most observations cluster around the mean.
Central Limit Theorem
A statistical theory that states that the distribution of sample means approximates a normal distribution as the sample size becomes larger, regardless of the population's distribution.