Topic updates
Behavioural Economics: Category Size Bias
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.
Evolution is great, but it hasn't (yet) equipped us with the ability to judge probabilities. https://t.co/Qp7guyznMc pic.twitter.com/5eYt7Ry30q
— Koenfucius 🔍 (@koenfucius) December 11, 2017
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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