Inconsistencies in Bayesian Models of Decision-Making
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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 in Behavioral Economics
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