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  1. worksinprogress.co

    We are still at the collection-of-deviations stage. There are not 200 human biases. There are 200 deviations from the wrong model. Why we study biases. The collection of deviations in astronomy did have its uses. Absent the knowledge of heliocentric orbits, astronomers still made workable predictions of astronomical phenomena.
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  3. frontlinebesci.com

    "We don't have a hundred biases, we have the wrong model." So said Jason Collins in a recent blog, perhaps somewhat provocatively likening the use of biases as akin to the activity of ancient astronomers who were required to compile an exhaustive number of deviations to retain the broken model of the universe revolving around the earth. Collins challenge is whether the model at the heart ...
  4. thelivinglib.org

    We don't have a hundred biases, we have the wrong model Curated on Posted on August 15, 2022 August 15, 2022 by Stefaan Verhulst Blog by Jason Collins: "…Behavioral economics today is famous for its increasingly large collection of deviations from rationality, or, as they are often called, 'biases'.
  5. news.ycombinator.com

    Of course it is wrong. It is a model. That doesn't mean it is not useful. Howard Marks (highly successful investor over many decades) has this to say about it ... We have some wrong models but this does not mean we don't have biases. The simplest way to disprove it: If we did not have biases but wrong models, fixing models would make us unbiased.
  6. htc.weshareresearch.com

    Behavioural economics assumes a logically consistent model of human behaviour, then seeks to explain why actual human behaviour "deviates" from this model. It blames an ever-longer list of systemic "biases" in our decision-making methods. This cannot be right. Where did we leave our Occam's Razor? "There are not 200 human biases.
  7. weeklyfilet.com

    Learning about cognitive biases — the dozens, hundreds of them — is always satisfying. It feels like you've uncovered a hidden secret that powers human behaviour, and knowing them will help you avoid making biased judgements. Which made this take especially refreshing — what if they aren't biases, but our entire model of rational behaviour…
  8. forum.devtalk.com

    We don't have a hundred biases, we have the wrong model - Works in Progress. Behavioral economics has identified dozens of cognitive biases that stop us from acting 'rationally'. But instead of building up a messier and messier picture of human behavior, we need a new model. Read in full here: This thread was posted by one of our members via one of our news source trackers.
  9. Finding the "correct" model is the holy grail of behavioral economics and there are probably thousands of researchers (myself included) who are working towards that. The difficulty is to find a simple model that fits most known biases. But even if we found such a perfect descriptive model, some biases are very clearly mistakes in decision making.
  10. The agent specification is hard. Even after doing that you would then need to model that agent in those domains. TBH, the bias framework may just be a lot easier to model, as it is rationality + bias, not a complex multi-faceted cognitive agent we're now trying to plug into a supply/demand curve for real estate.

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