Neglect of probability

Tendency to ignore probability when making decisions in uncertain conditions. Small risks are either ignored or over exaggerated. Eg. Risk of death due to nuclear power plant failure.

Cause

We have no intuitive grasp of risk and thus distinguish poorly among different threats. We also lack an intuitive grasp of probability.

Consequences

Creates unwarranted fear. Neglect of probability also figures in the purchase of lottery tickets.