When is a bias useful?

1. Introduction Human decisions often deviate from the prescriptions of rational choice theory. ¬†Psychologists and behavioral economists usually explain this deviation with biases, which are mental patterns or heuristics causing incorrect inferences and irrationality, especially when relying on fast thinking and intuitions (cf. Kahneman 2012, p. 19). Biases are a vibrant area of research. Consequently, there is a growing interest….

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