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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:

Human Capital

The collective skills, knowledge, and experience possessed by an individual or population, viewed in terms of their value or cost to an organization or country.

Experience

The knowledge or skill obtained from direct participation in events or activities.

Natural Capital

Natural Capital comprises the world's stocks of natural assets including geology, soil, air, water, and all living organisms.

Aptitude

Aptitude refers to a natural ability or skill at performing a certain type of task or learning certain types of information.

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