Lionel

At first glance, the question seems straightforward — it's an aspect of our cognition that predisposes us to make errors. However, with the significant expansion of the list of cognitive biases with the success of behavioural economics, one might question what these biases truly are and what they mean about...

One of Kahneman and Tversky's famous insights from Prospect Theory is that subjective satisfaction is determined by gains and losses relative to a reference point. This behavioural pattern is often perceived as a flaw in our approach to assessing the value of the options we face. A robust body of...

The confirmation bias is a widely discussed cognitive phenomenon that has drawn considerable attention in psychology and behavioural economics. Traditionally, the search for confirmatory information has been portrayed as a bias, suggesting a systematic deviation from rational information processing. However, upon closer examination, this characterisation lacks a solid foundation in...

Behavioural economics has significantly advanced our understanding of human behaviour, shedding light on how it frequently diverges from the traditional economic model predictions of the homo economicus. There is however a growing sense, that the marginal returns of finding and investigating biases have decreased significantly. There is a renewed interest...