(This article was first published on

**John Myles White » Statistics**, and kindly contributed to R-bloggers)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?

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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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