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One key observation that helped launch the field of behavioral economics into stardom is called probability weighting: a human cognitive bias to assign higher probabilities to extreme events than … […]

Over the years, some words have established themselves at the London Mathematical Laboratory as a useful vocabulary. “Laplacing something” and “Weltschmerz” (p.32) are among these words. Another is “Democratic Domestic

When statistical things go wrong, it’s often because someone unknowingly assumed ergodicity where that wasn’t ok. This can have dramatic effects in everyday language: I will use the example of