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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It killed more than 1/3 of Europe’s population. Because so many people died there was very little slaves. The slaves moved to cities where they would get payed to work. Because there was no slaves working in homes the manor system in Europe fell apart and cities began to grow.
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Answer:
Johnny is in critical condition; his back is broken and he is suffering with third-degree burns. If he lives, he will not be able to walk for the rest of his life. The realization that if he lives, he would have to stay in his parents' house, a place he hates, for the rest of his life is too much for the brothers
