Narrative fallacy is a term introduced by Nassim Taleb [1]. It refers to our difficulty looking at a sequence of facts without connecting them in some way, either to each other or to something else we ...

What do governments, businesses and individuals have in common? They’ve all invested time and money in forecasting how long a project will take to complete. Despite the forecasting, every one of them ...

Even if you’ve never heard of the planning fallacy, you’ve likely experienced it. It’s a phenomenon in which a person or team underestimates how long a task will take and what it will cost in money or ...

Human beings do not respond rationally to “sunk costs.” We persist in doing what we’ve always done because, well, that’s what we’ve always done. We confuse loyalty with stubbornness. We are reluctant ...

The McNamara Fallacy is the idea that it is an error to make decisions purely on measurements or quantitative data. Robert McNamara was the US Secretary of Defense ...

The gambler’s fallacy is an important example of betting jargon and one that describes a common and problematic mindset that may impact your decision-making when gambling online. This is also known as ...

BATH, UNITED KINGDOM - SEPTEMBER 27: In this photo illustration, U.S. dollar bills, British GDP and Euro currency bank notes are pictured on September 27, 2022 in Bath, England. The UK pound sterling ...