We lack an intuitive grasp of probability. The proper term for this is neglect of probability, and it leads to errors in decision making. We invest in start-ups because the potential profit makes dollar signs flash before our eyes, but we forget (or are too lazy) to investigate the slim chances of new businesses actually achieving such growth. Similarly, following extensive media coverage of a plane crash, we cancel flights without really considering the minuscule probability of crashing (which, of course, remains the same before and after such a disaster).
