Survivorship Bias

The video discusses a cognitive bias where survival is the main focus in decision making. It explains how this bias leads to focusing on past successful outcomes while ignoring other potentially valuable information. This results in selection and logical errors, as it overlooks factors that could have contributed to different outcomes. The video emphasizes the importance of considering all available information to avoid discounting valuable data.

What is the main cognitive bias discussed in the text?

How does focusing on survivors in decision making lead to a selection error?

What are the potential consequences of ignoring unsuccessful approaches in decision making?

In what way can historical data be undervalued due to cognitive bias?

Explain how cognitive bias can affect the decision-making process.