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Show why randomness, the law of small numbers, confirmation bias, and loss aversion are very dangerous...

Show why randomness, the law of small numbers, confirmation bias, and loss aversion are very dangerous combination.

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Answer #1

Random selection can never represent the entire population and it leads to small number where by researcher create bias on its experiences and perception .

Loss aversion is the situation where a customer never wanted to lose something as he new the pain of loss will be more than the happiness of gaing the things of same value which leads to problem in real life as when in research .

Over all the combination of all these makes a dangerous combition in the research leading to problematic result in the research .

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