Generally speaking, people are fairly decent at learning how often things happen. For example, if you asked someone to predict a bunch of coin flips, they would come out pretty close to 50%. They aren’t especially good at doing other, closely related things, like shifting quickly if those odds changed or making the sequence of predictions properly random, but at least they do a good job of probability matching – that is, they will respond in proportions equal to the actual outcome probabilities. Why in the world would you care about that? Because it’s usually actually a bad idea – unless you’re filling out your bracket. Continue reading
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