Survivorship Bias

The video discusses a cognitive bias where survival is the main focus in decision making. It explains how this bias leads to focusing on past successful outcomes while ignoring other potentially valuable information. This results in selection and logical errors, as it overlooks factors that could have contributed to different outcomes. The video emphasizes the importance of considering all available information to avoid discounting valuable data.

What is the main focus when cognitive bias influences decision-making?

• Analyzing unsuccessful approaches

• Ignoring historical data

• Focusing on past successful outcomes

• Considering all possible outcomes

What is a selection error in the context of cognitive bias?

• Focusing only on successful outcomes

• Choosing the most popular option

• Considering every possible factor

• Ignoring all past data

Why is it important to consider all available information in decision-making?

• To simplify the decision-making process

• To focus on the most recent data

• To avoid logical errors and biases

• To ensure only successful outcomes are chosen

What can be a consequence of ignoring unsuccessful approaches?

• Gaining a comprehensive understanding

• Simplifying the decision process

• Ensuring only the best outcomes

• Missing out on valuable insights

How does cognitive bias affect the appreciation of historical data?

• It causes valuable data to be overlooked

• It enhances the understanding of all data

• It leads to a focus on irrelevant data

• It ensures all data is equally considered