Something that has fascinated me fairly fixedly over the last couple of years is just how inefficient and ineffective our minds are. It all began with me trying to get a grip on what was going on at work. People seemed to be behaving really strangely – I was behaving perfectly coherently and rationally, I thought. I have listed elsewhere the books that I started reading, so won’t do so again. But this morning I had the thought of beginning a simple series that might explore some of the known cognitive biases and how they relate to this thing of ours. Today, for no other reason than it tops the list of cognitive biases on Wikipedia, I present you with the ambiguity effect.