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Non-Ergodic : When group probabilities don’t apply to singular events. If 100 people play Russian Roulette once, the odds of dying might be, say, 10%. But if one person plays Russian Roulette 100 times, the odds are dying are practically 100%.
Morgan Housel • 100 Little Ideas
Intelligence is not only the ability to reason; it is also the ability to find relevant material in memory and to deploy attention when needed.
Daniel Kahneman • Thinking, Fast and Slow
It’s called the description-experience gap. In study after study, people fail to internalize numeric rules, making decisions based on things like “gut feeling” and “intuition” and “what feels right” rather than based on the data they are shown. We need to train ourselves to see the world in a probabilistic light—and even then, we often ignore the n
... See moreMaria Konnikova • The Biggest Bluff: How I Learned to Pay Attention, Master Myself, and Win


Risk Savvy: How to Make Good Decisions
amazon.com

Consistent overweighting of improbable outcomes—a feature of intuitive decision making—eventually leads to inferior outcomes.