There is value in understanding our biases. Yes, I think it is fair to call them biases but not necessarily irrational--in the longterm. People are complex psy

There is value in understanding our biases. Yes, I think it is fair to call them biases but not necessarily irrational--in the longterm. People are complex psychological creatures and this whole issues of irrational or rational behavior is compounded by the fact that people can /learn/ system 2 patterns of thinking so well that they become system 1 patterns. Those are essentially habits. So with your rational mind, it is worth identifying any biases you want to codify in your system 1 brain to minimize cognitive costs. But that's an option. And I think we have that option because there is a giant tradeoff between spending time and energy thinking versus getting a good enough result (out of the many decisions and processes we have to carry out each day). (With respect to the planning fallacy, I suppose there are benefits to underestimating the time it will take. If projects are really much harder than expected, it may never be emotionally worth starting them because they are too monumental. So we have a bias that makes us more optimistic so we actually start doing stuff which helps us in the long run. What I mean is that you can spin it as a good thing. It may be a wrong intellectual assessment, and sometimes that matters immensely, but it is also quite possibly rational for humans to have this bias because it helps them get more stuff done. I'm not a behavior economists or a psychologist, to be fair.)