This phenomenon has a name in psychology, the “inside view,” identified by Nobel Prize-winning economist Daniel Kahneman. The outside view, by contrast, looks at base rates – the historical success and failure rates of similar projects. It asks: “What typically happens to ventures like this one?”For Quibi, the outside view was damning. The inside view feels more compelling because it’s rich with specific, vivid details. The inside view makes us focus on the winners while ignoring the statistical reality of the losers.