We don’t have a hundred biases, we have the wrong model - Works in Progress

The first is a weakened focus on the concept of bias. The point of decision-making is not to minimize bias. It is to minimize error, of which bias is one component. In some environments, a biased decision-making tool will deliver the lowest error. For example, statisticians and computer scientists often use a class of procedures called regularizati... See more

Falk Lieder, Ming Hsu, and Tom Griffiths showed that the ‘rational’ solution to this computational constraint is to over-sample extreme outcomes. That is, you should apply something like the availability heuristic by calling those more extreme (easily accessible) outcomes to mind. The result is a biased estimate, but one that is optimal given the f... See more