Justifiability is a name for a variety of well-documented behavioral phenomena that violate rational choices. For instance, preferences and choices frequently depend on payoff-irrelevant factors, and not only on the collection of alternatives. Motivated by these findings we present a generalized...

We study the idea that seemingly unrelated behavioral biases can coevolve if they jointly compensate for the errors that any one of them would give rise to in isolation. We suggest that the "endowment effect" and the "winner's curse" could have jointly survived natural selection together. We...