[nothiggs]

I'm a bit skeptical regarding the weight of these biases on everyday life. Looking at all these biases, and the fact that no one is actually free of them (except perhaps some enlightened few) would suggest that we're all making choices which most of the time are based on assumptions that have little anchoring in reality. If this were so, shouldn't there have been total chaos here on earth?

[ori_b]

As heuristics, for familiar cases, these cognitive biases are acceptable; Why would you expect chaos from that, instead of expecting suboptimal results? And yes, we definitely see suboptimal results.

[nothiggs]

I guess it depends to how detached from reality the average choice is when affected by these biases, and obviously it's not worse than suboptimal as you said, otherwise we would not be getting anywhere. I guess just viewing that large number of biases made me feel like we're lucky to get through the day, let alone make progress as a civilisation :)

[Houshalter]

Maybe our world is in total chaos compared to some hypothetical Earth where everyone is perfectly rational. We are just used to it.