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It's widely acknowledged in behavioral economics that biases have their uses. In fact, usually the phrase used to describe them is "Heuristics and Biases"[1].

It's first and foremost a heuristic -- a reasonably good way to generate good behavior. Secondarily, in certain specific situations, it causes non-optimal behavior.

[1] ( https://www.amazon.com/Heuristics-Biases-Psychology-Intuitiv... )




Exactly, discovering economic biases is like discovering optical illusions. The existence of optical illusions doesn't mean that human sight is always flawed, only flawed in certain edge cases.


"All models are wrong, but some are useful." -- statistician George E.P. Box




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