Tag Archive | cognitive bias

Wishful Thinking: A Critical Analysis of Homeopathy Part II

Homeopathic 1 gram globules

Homeopathic 1 gram globules

This is a continuation of my post on homeopathy in which I talked about the history of homeopathy and how it is scientifically tested.  I ended the post wondering why there was so much public acceptance for such an ineffective product.  In this post, I will discuss the various cognitive biases that allow well-intentioned individuals to falsely believe that homeopathic interventions have positive effects.

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An Offer You Cannot Refuse

Currency - by bradipo

Imagine that you are on a game show.  Consider the following two scenarios:

The host has given you $2000 to begin with.  You are now given a choice – you can stay with your money or participate in the “Double or Nothing”.  Should you choose the event, the host would flip a fair coin.  Should the coin land heads, you will get an extra $2000.  Should it land tails, you lose the $2000 you have.

The host has given you $4000 to begin with.  You are now given a choice – you can participate pay a fine of $2000 or participate in the “Trap of Doom” event.  Should you choose the event, the host would flip a fair coin.  Should the coin land heads, you get to keep all $4000.  Should it land tails, you loose all $4000 to the “Trap of Doom”.

Would you participate in the “Double or Nothing” event?  Would you participate in the “Trap of Doom”?  Are your answers different?

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