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By John Myles White on 1.20.2011
But modeling devices that make sense for an unbiased decisionmaker may not make sense for a biased one. For example, why would individuals have priors and posteriors if they are destined to apply Bayes’ law incorrectly?1 A question I often ask myself. Wolfgang Pesendorfer : Behavioral Economics Comes of Age: A Review Essay on Advances […]