"Rules of thumb" in economic decision making, such as "anchoring" and ignoring seemingly unimportant pieces of information,

0 votes
    make many peoples buying decisions grossly inefficient..
     introduce bias into peoples buying decisions and result only in much inefficiency and waste..
     can introduce bias into buying decisions but can also save time when making everyday economic decisions, thus offsetting some of the negative bias they introduce.
     can introduce bias into buying decisions but can also save time when making everyday economic decisions, and so are highly efficient.
asked Jun 2, 2013 in Economics by anonymous
    

1 Answer

0 votes
can introduce bias into buying decisions but can also save time when making everyday economic decisions, thus offsetting some of the negative bias they introduce.
answered Jun 3, 2013 by Xyz ~Expert~ (3,650 points)



...