Inconsistencies in Bayesian Models of Decision-Making

January 20, 2011
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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.

  1. Wolfgang Pesendorfer : Behavioral Economics Comes of Age: A Review Essay on Advances in Behavioral Economics

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