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There Are a Number of Heuristics, Errors, and Biases Upon

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Essay

There are a number of heuristics, errors, and biases upon which people routinely rely that suggest that they are not naturally skilled at making estimates of statistical probabilities. Identify and discuss at least three of these.


Definitions:

License Plates

License Plates are metal or plastic plates attached to vehicles for official identification purposes, typically displaying a unique combination of letters and numbers.

Bernoulli Distribution

A probability distribution that represents two possible outcomes of a random experiment, typically success (1) or failure (0), with a single trial.

Constant Probability

A situation where the probability of an event occurring remains the same in all trials or tests.

Random Variable

A variable whose outcomes depend on the results of a random phenomenon, and which can take on different values with certain probabilities.

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