Conjunction Fallacy/Conjunction Error

Definition:
The Conjunction Fallacy, also known as the Conjunction Error, is a cognitive bias that occurs when individuals mistakenly believe that the co-occurrence of two events is more probable than either event occurring individually. This fallacy arises due to the conjunction of two events seeming more plausible than just one event, despite there being a logical inconsistency in the combined probability. It highlights the tendency of people to ignore statistical probabilities and make judgments based on context and narrative, leading to faulty reasoning.