Complexity Bias: Why We Prefer Complicated to Simple
Complexity bias is a logical fallacy that leads us to give undue credence to complex concepts. Faced with two competing hypotheses, we are likely to choose the most complex one.
"If you think the world is all data you’ll miss how much is too complicated to summarize in a statistic." https://t.co/2T6892IUfn— Don Richard (@DonaldRichard) July 7, 2018
Today’s guest is a repeat visitor to the show whose last episode proved to be one of our most popular. Dan Ariely is the James B. Duke professor of psychology and behavioral economics at Duke Un
Challenge implicit biases by identifying your own, teaching colleagues about them, observing gap-closing teachers, stopping "tone policing," and tuning into such biases at your school.
F. Scott Fitzgerald said intelligence is “the ability to hold two opposing ideas in your head at the same time and still retain the ability to function.” It’s so hard to do. But there are all kinds of examples of when it’s necessary in investing. Getting rich requires the willingness to take big risks. Staying rich requires the paranoia to avoid big risks. Trusting your gut means there are true things that you can’t articulate. Being skeptical of your biases means knowing that you confidently articulate things that aren’t true. Being contrarian requires taking a stance most people don’t agr...
The Hawthorne effect (also referred to as the observer effect[1][2]) is a type of reactivity in which individuals modify an aspect of their behavior in response to their awareness of being observed.[3][4] The original research at the Hawthorne Works in Cicero, Illinois, on lighting changes and work structure changes such as working hours and break times was originally interpreted by Elton Mayo and others to mean that paying attention to overall worker needs would improve productivity. Later interpretations such as that done by Landsberger suggested that the n...