Re:The Bias Bias in Behavioral Economics
by AstralStorm on Wednesday February 13, 2019 @01:41PM
(#19155485)
That is because economy did not allow for bounded rationality. They're talking about optimally rational with perfect knowledge. Also known as a spherical cow.
Ultimately, rational is supposed to mean reasoned, not optimal. Heuristics can be rational if applied with reason and devised with good valid reasoning.
Ultimately, rational is supposed to mean reasoned, not optimal. Heuristics can be rational if applied with reason and devised with good valid reasoning.