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Thinking, Fast & Slow (Daniel Kahneman) - Audiobook Summary
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Fifth, the Conjunction Fallacy, or Less Is More
We tend to judge the importance of an idea by familiarity and feelings that we associate with it. We may overestimate the frequency of divorces if we have undergone divorce, or no people who are divorced. This heuristic is multiplied via mass media to create availability cascades. For instance, a recent plane crash makes us think air travel is more dangerous. And our fear of air travel encourages even more media reports about plane crashes.
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