We don’t have a hundred biases, we have the wrong model

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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. There are 200 deviations from the wrong model”…

Ryan Watkins