Survivorship bias is a phenomenon in which people give disproportionate weight to the success stories of a group, while ignoring the failures. This bias can lead to a distorted view of reality, as people may not consider all of the relevant information when making judgments or decisions. For example, if you were trying to decide which stocks to invest in, and you only looked at the stocks that had performed well in the past, you would be ignoring the many stocks that had performed poorly and may be overlooking important information that could help you make a better decision. To avoid survivorship bias, it is important to consider all relevant information, including failures and failures.
What is Survivorship Bias In Behavioral Economics?
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BEHAVIORAL SCIENCE GLOSSARY