COGS 100 Lecture Notes - Lecture 6: Chicken Coop

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Calculate most beneficial outcome: people actually do a lot of irrational actions. Anchoring: adjusting estimate using information you know out there. Information does not have to be from a credible source (silly: e. g. percentage of un from africa. If the wheel landed on 10%, people averaged 25% If the wheel landed on 65%, people averaged 45% Ga(cid:373)(cid:271)ler"s falla(cid:272)y you have tossed a coin seven times in a row, each time it has come up heads. E. g. in a small town nearby, there are two hospitals. Hospital a has an average of 45 births per day; hospital. B is smaller, and has only 15 births per day. Overall, the percentage off males born is 50%. Each hospital recorded the number of days in which, on that day, at least 60% of the babies born were male. Imagine the case of a hospital with 1000 births per day and one with just 1 birth per day.

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