Cognitive Biases

Admiring the magnificent Arc de Triomphe in Paris, France.

Dis-disinformation Campaigns

You know how people say that a smart person learns from his own mistakes but a genius learns from those of others, the French have just demonstrated this in their latest election. In a report named Successfully Countering Russian Electoral Interference by the Center for Strategic and International Studies (CSIS), steps and lessons are outlined…

Trekking in the Plitvice Lakes National Park, Croatia.

Survivorship Bias

The air was a major battlefield in World War II. At the height of war, the chance of a bomber aircraft crew returning home safely after a mission was only around 50%. Abraham Wald, a renowned statistician and a member of the Applied Mathematics Panel in the United States, was assigned the task to increase…

Searching for Nessie in Loch Ness, Scotland.

Take So Much and Leave So Little

Some of us are born with outstanding talents. Some of us work hard to earn what they have. Some of us are born mentally or physically disadvantaged. And none of us have a choice. Your birth condition is beyond intention and choice, and the choices you make in your life, that contribute to where you…

The Father of Modern Economics, Adam Smith in Edinburgh, Scotland.

‘Tell Me Something I Don’t Know About Economics’

Economics is incomplete. One fundamental principle that many economic models build on, that we are all rational agents with clear preferences, is flawed. Economics does not account for, among our many cognitive biases, our natural impulse of drawing comparisons, to a degree that irrelevant factors may influence our decisions. Imagine this, say you are buying a $20 book, would…