Shark attacks and why data analysts should not dismiss anecdotes

One of the key lessons of behavioural economics is the danger of not examining your own beliefs. Failing to consider the reasons that underlie our decision-making increases the risk of error.

Although we can operate in our daily life on autopilot, other situations are not so forgiving. When we put capital at risk, the danger of not understanding what influences our decisions can be monetary losses, career risk or worse.

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A version of this article appeared in the print edition of The Straits Times on January 30, 2019, with the headline 'Shark attacks and why data analysts should not dismiss anecdotes'. Print Edition | Subscribe