Maurice Allais introduced a thought experiment that highlighted inconsistencies in expected utility theory, which is foundational to traditional game theory. Here are the main points regarding Allais’s paradox:
Introduction to Confirmation Bias Confirmation bias is a well-documented psychological phenomenon where individuals tend to favour information that confirms their pre-existing beliefs, values, or attitudes, while simultaneously disregarding or undervaluing information that contradicts them. This bias is not only prevalent in everyday decision-making but also significantly influences how we process Read more…