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Behavioural Economics: Category Size Bias

Geoff Riley

11th December 2017

Here is a good example to use when discussing behavioural biases, specifically the problems people have in estimating probability and the exaggerated importance of category size when people estimate the chances of an event happening.

What is category size bias? It occurs when we are more influenced by options put into a relatively-large group.

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Geoff Riley

Geoff Riley FRSA has been teaching Economics for over thirty years. He has over twenty years experience as Head of Economics at leading schools. He writes extensively and is a contributor and presenter on CPD conferences in the UK and overseas.

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