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Confirmation Bias is Hilarious But Expensive

The Political Orphanage

00:00

The Power of Personal Experience

When I was a kid, I remember explicitly thinking I had mild psychic powers for the exact reason you're talking about. The phone would ring because we still had landlines. And what I wasn't doing was thinking about the 4,432 other times I was picking up the phone and not thinking of that person. That's an example of confirmation bias existing in datasets. Now should you infest all of your life savings into the fact that one of them happened? You need to guard against bad actors.

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