Archive for April 25th, 2018

When it comes to your health, don’t bet on long shots …

April 25, 2018

… unless you’re out of options.
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In my Business Analytics course, I have students read a couple of excerpts from a book called Think Twice: The Power of Counter-intuition by Michael Mauboussin.

In a chapter called “The Outside View” the author reports findings from a medical study that investigated the relative importance of hard data and anecdotal evidence when patients select from among treatment options for serious health conditions.

Patients were given the hard scientific data about a treatment‘s success rates and an anecdote about a case history.

Some anecdotes were positive (the treatment was a success), some were negative (the treatment failed or had complications), and some were neutral (neither a clear success nor a dramatic failure).

Below is an extract of the study’s results summarizing the percentage of respondents selecting a treatment given the hard data on its success rate and a related anecdote of a specific case’s outcome.

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Let’s drill down …

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