Prior Probability of an Event Is the Probability of the Event

question 172

True/False

Prior probability of an event is the probability of the event before any information affecting it is given.

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Definitions:

The Halo Effect

A cognitive bias where an individual's overall impression of a person, company, brand, or product influences feelings and thoughts about that entity's character or properties.

Group Polarization

The tendency for a group's prevailing attitudes or beliefs to become more extreme following discussion among group members.

Risky Shift

Is the phenomenon where groups tend to make riskier decisions together than individuals would on their own, often attributed to the diffusion of responsibility.

Selective Perception

The process where individuals selectively interpret what they see based on their interests, background, experience, and attitudes.