Survivorship Bias

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Devayani Vyavaharkar, Student (University), India
We all have often seen articles like: "12 things successful people do differently'" or "20 tips from the world's most successful people". Logically speaking, if it helped them to attain success, it should also help us with a similar paradigm. However, such type of logic is structurally flawed. If we only take advice from successful people and ignore all failures, we will be left with a distorted view of reality. Such types of articles tend to focus only on survivors, i.e., the people who made it. They do not consider the thousands of others who followed their steps to become successful but are not successful today. What is Survivorship Bias? Survivorship bias, also known as survival bias, is the human tendency to focus only on survivors instead of everyone (including those who did not survive). This bias tends to focus our attention on winners and not losers, prosperous and successful, but not on a thousand others who worked hard but failed. Survivorship bias rules our lives in the (...) Read more? Sign up for free

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  Graham Williams, Management Consultant, South Africa
 

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