Specif- ically, when base-rate information was presented in a probability format, base-rate neglect was often observed. However, when the base-rate information was presented in a frequency format, the appropriate use of base-rate in- formation improved dramatically. Estes, Campbell, Hatsopoulos,...
Base-Rate Fallacy: The base-rate fallacy is an example of cognitive bias and fallacy that often occurs when a person has to decide under an uncertain condition. It is hallmarked by the neglect of the given base-rate information by a decision...