Well, as always, we are contemplating New Year’s resolutions for self-improvement and this is certainly a great place to start. It is especially prescient how the authors defined the correlation between these biases and cognitive skills. For all you smart folks, beware! We have added in several other similar perspectives from the past including the State Street Center for Applied Research’s watershed overview on these biases in the investment community and an earlier publication on human decision making by Christian & Griffiths, Algorithms To Live By. If you take away anything from this, realize how important including basic statistics and probability studies are for middle and high school curriculums on a national basis. By Peter Coy
