Eli Harman: —“If you disallow heuristics based on statistical data which is mo

Eli Harman:

—“If you disallow heuristics based on statistical data which is more readily available and less costly than individual information, you leave huge gains on the table. You will be beaten by people who seize them. Institutions, at least at the higher levels, can be composed of and by cognitive elites who can afford a more correct and complete account of things. But for the man on the street, tribes are an indispensable expedient.”—