When asked to guess whether Mark is from Montana or California, you guess California because more people live in California. You have used "base rate information" in making your decision.
<h3>What is Base Rate in Psychology?</h3>
Base rate is the frequency of a phenomenon that naturally occurs in a population. Using base rate information, rational decisions are made taking into account the general occurrence in a larger population in favour of the specific incidence in a particular case.
Effects of base rate information are-
- Base rate fallacy, as used in behavioural finance, is the propensity for people to incorrectly assess the likelihood of a situation by ignoring all pertinent information.
- Investors may instead place a greater emphasis on recent information without taking into account how this affects their initial hypotheses.
To know more about the characteristics of an annual percentage rate, here
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Is there a map key? Each map can hold a different meaning for a color.
It could be an average temperature range, rainfall range, etc
Answer:
It can be disastrous or beneficial
Explanation:
If we look at a country such as China we can see how this works.
After Mao's death economic reforms were put in place to transform and modernize the Chinese economy. However parallel political reforms were not introduced.
This meant that the Chinese political elite, those in senior positions in the communist party, controlled the transformation of an economy where at the time, 1 in 5 of the world's population lived.
This gave them the potential, through corrupt practices, to amass vast fortunes. In this way corruption was extremely beneficial both financially and in gaining promotion through being part of a corrupt system.
However set against this was the periodic need, by the Chinese Communist party to be seen to be tackling this problem. If you happened to be an official caught up in such anti-corruption waves then it could mean stripped of all assets, imprisonment or even execution.
