The law of small numbers (or hasty generalization) is the tendency to jump to a conclusion without enough evidence. In statistics, it’s called bias from insensitivity to sample size – generalizing from a limited number of events (a sample) selected from a much larger number of events (the population). For example, if a mutual fund…
Ever heard about the Seven-Eleven Rule? Neither had I. The seven-eleven rule is based on the belief that people make eleven decisions about a person in the first seven seconds after meeting them. Apparently, the eleven conclusions you make are the following: Education Level Economic Level Perceived Credibility, Believability, Competence and Honesty Trustworthiness Level of…