Colourful dice
(credit: HeungSoon via Pixabay)

A likely trade-off

Probabilities are hard to understand, but some mistakes may not be what they seem

Chance is a bit of a slippery concept for many of us. We can grasp that, if we toss a fair coin, the likelihood of heads (or tails) as a result is about 50%. If we roll a die, we also understand that each number between 1 and 6 is equally likely to turn up. We may even be able to work out that…

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Koen Smets

Koen Smets

Accidental behavioural economist in search of wisdom. Uses insights from (behavioural) economics in organization development. On Twitter as @koenfucius