The mistaken belief that the probability of a conjunction of two events is greater than the probability of one of them is called what?

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The mistaken belief that the probability of a conjunction of two events is greater than the probability of one of them is called conjunction fallacy. This is a common error in reasoning and decision-making, and can lead to incorrect assessments of risk and likelihood. The framing effect refers to how the context or presentation of information can influence our decisions, while loss aversion is the tendency to prefer avoiding losses over acquiring gains. Omission bias refers to the tendency to favor inaction over action, and the sunk-cost effect is the tendency to continue investing in a project or decision because of the resources already invested, even if it no longer makes rational sense to do so.

The Mistaken Belief That the Probability of a Conjunction of Two