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Base rate neglect is a specific form of the more general extension neglect. It is also called the prosecutor's fallacy or defense attorney's fallacy when applied to the results of statistical tests (such as DNA tests) in the context of law proceedings.
For example, if the control group, using no treatment at all, had their own base rate of 1/20 recoveries within 1 day and a treatment had a 1/100 base rate of recovery within 1 day, we see that the treatment actively decreases the recovery. The base rate is an important concept in statistical inference, particularly in Bayesian statistics. [2]
The continuum between the extremes is ignored. The term probability neglect was coined by Cass Sunstein. [1] There are many related ways in which people violate the normative rules of decision making with regard to probability including the hindsight bias, the neglect of prior base rates effect, and the gambler's fallacy. However, this bias is ...
The following are forms of extension neglect: Base rate fallacy or base rate neglect, the tendency to ignore general information and focus on information only pertaining to the specific case, even when the general information is more important. [48]
Base rates may be neglected more often when the information presented is not causal. [17] Base rates are used less if there is relevant individuating information. [18] Groups have been found to neglect base rate more than individuals do. [19] Use of base rates differs based on context. [20]
A real estate agent’s commission fee can cut into the money you make on the sale of your home, and it’s entirely possible for well-prepared sellers to successfully sell their home without the ...
A CAM charge is an additional rent, charged on top of base rent, and is mainly composed of maintenance fees for work performed on the common area of a property Each tenant pays their pro rata share of a property's total CAM charges, which prorated share is the percentage of the tenant's rented square footage of the total, rentable square ...
A variable-rate mortgage, adjustable-rate mortgage (ARM), or tracker mortgage is a mortgage loan with the interest rate on the note periodically adjusted based on an index which reflects the cost to the lender of borrowing on the credit markets. [1] The loan may be offered at the lender's standard variable rate/base rate. There may be a direct ...