Not Enough Meaning
We tend to find stories and patterns even when looking at sparse data
Neglect of probability
Description
The tendency to completely disregard probability when making a decision under uncertainty.
Neglect of probability in business decision
An employee might be more afraid of a rare, dramatic workplace accident (e.g., a fire) than more common, less sensational risks (e.g., repetitive strain injuries), despite the probability differences.
Neglect of probability in personal life decision
You worry more about being bitten by a shark at the beach than about slipping in the bathroom, even though slipping is far more likely.