The text is a transcript of a video that explains 21 cognitive biases and fallacies that affect human thinking and decision making. The video gives examples and definitions of each bias or fallacy, such as survivorship bias, hindsight bias, availability cascade, sunk cost fallacy, framing effect, clustering illusion, exponential growth, Barnum effect, and others. The video aims to help the viewers become more aware of these common errors and improve their rationality and judgment.
Here are some possible key facts extracted from the text:
1. Survivorship bias is a logical error where we focus on the things that survive a process and overlook the ones that failed.
2. Self-serving bias is a tendency to attribute our successes to our internal actions and our failures to external forces.
3. Fundamental attribution error is a tendency to judge others' behaviors on their personality and our own behaviors on situational factors.
4. Hindsight bias is a tendency to overestimate our ability to predict or explain past events after they have occurred.
5. Availability bias is a tendency to estimate the likelihood of something happening by the information most readily available in our memory.
6. Availability cascade is a self-sustaining chain of events that may start from media reports of a minor event and lead to public panic or government intervention.
7. Sunk cost fallacy is a tendency to continue investing in something that has already cost us a lot, even if it is not rational or beneficial.
8. Framing effect is a tendency to draw different conclusions from the same information depending on how it is presented.
9. Clustering illusion is a tendency to see patterns in random data or events.
10. Exponential growth is a process where something increases at a faster and faster rate over time, which can be hard for humans to comprehend or estimate.
11. Barnum effect is a tendency to easily attribute our personalities to vague and generalized statements, even if they can apply to a wide range of people.