“The rational behavior is a really good benchmark. But it’s also important to included biases in our model. Think about, are there biases that would be relevant. And it’s also important to think about what if we just write down a simple rule. And then if we compare these three things. Rationale behavior, bias. Right, and then simple rule. And we see, well, how much difference do we see in the outcome. If the difference is small, then we can say you can look our results seem to be sort of varied to behavior. If the difference is big, then what you gotta do is you gotta sit back and think. Okay which of these three makes the most sense. “- Transcript from Scott Page Coursera
Source:
Scott Page Model Thinking MOOC Course
