Biases are not Causes
A widespread misconception is that biases explain or even produce behavior. They don’t—they describe behavior.
Biases are not natural laws. They are broad tendencies, which are not uniformly shared by everyone. We are not picking a course of action because of the sunk cost bias, for example. The sunk cost bias is a label not a cause. Personal tendencies & the context play a major role in influenceing our behavior.
Biases are oversimplifications hidding the truth & human behavior is fluid and fuzzy. The use of discrete, distinct labels implies a rigor that is simply not there.
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CURATED FROM
There Is More to Behavioral Economics Than Biases and Fallacies - Behavioral Scientist
behavioralscientist.org
4 ideas
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Life-long learner. Passionate about leadership, entrepreneurship, philosophy, Buddhism & SF. Founder @deepstash.
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