S - S: Burger Point!!

SP: Yes Sishya, so what brings you to me after long?I presume you have been too occupied with your day to day activities to spare some time for your pal!
S: O Guru, I've had enough of your pranks.
SP: And if I know you right, you don't come to me without something on your mind..Now what's on your mind?!Or are you gonna surprise me by telling that this was only a casual visit???
S: (mutters It is true that too much familiarity isn't always good!!)
SP: Oh I am a little short of hearing and I don't think you would mind that I missed what you said, right?
S: Well...can I ask you something?
SP: Here we go..now I get to know what brought my best pal to me!Shoot!!
S: O Guru, I hear a lot about these branches of study called Behavioural economics and Behavioural Finance that deal with human decision making process in real world scenarios than the utopian rational world of economists! I would like to know if these branches are as practically useful as stated by their proponents!
SP: Good One!!A far cry from the usual philosophical banter that we are used to and something that I experienced very recently!! Yes, your explanation of the branches of study was indeed right..They deal with cognitive biases and heuristics in the human decision making process!
As to your question of whether it is useful, I'll narrate to you the first instance of my observing a bias at work!
I was out with a pal of mine to a fast food restaurant chain that offers burgers (burgers are always good, they spare none!! :D) and ordered a burger!! And pat came the question: Would you want a single or a double cheese coating on the burger? Well put yourself in my position. You are given 2 choices and you choose the lesser of the 2 evils. So single cheese it is! The burger is done, I collect it and off I speed to home!My friend was having the burger and I let my brain wander off!
Did I miss something??Yes, looks like I did..Am not a lactose fanatic and certainly not one who cherishes cheese and I always used to say no to cheese on burger at the same food chain!!But was there a difference between the 2 cases!!Yes got it!!Normally I was used to the question:"Would you want cheese on your burger"..but look at the question this time.."Would you want 1 or 2"??!!!!Meaning my brain would see only a single cheese as the default option!!All the while the "No cheese" option was right on my head but it was totally blocked by this question!! ( I need to tell you that I make choices for my pal; so my choices are not questioned :D!!) This bias is "Inattentional Blindness", where we miss something that is so obvious because our brain is set to focus on some other alternatives!!
S: O!!Looks like Behavioural Finance indeed works!! But while its true that it works, it is again a hindsight explanation!!Is there a way it can help you in making better decisions?
SP: Ha Ha Ha Sishya you are only enabled by knowledge; never automated by it!!So use your knowledge of the bias..Now that you know you suffer from this bias, you can make better decisions...and wouldn't your next statement be "Cut the crap and get to the point"??!!
A simple solution would be to look at the salesperson who asks you all this!!They are selected so that they look fit and trim and here lies your clue!!In case you didn't know, cheese gets you more plumpy (well..if you have a girlfriend who likes your plumpiness so that she can forget she doesn't own a teddy, then this isn't for you!! :P)...Now think this guy stays fit only because he pushes all this fattening cheese to 'uninformed' people like you making you scape-goats!!And pop!!Your mind says no!!
S: Ha Ha Ha ..Finally O Guru you have spoken something that is of practical use!!
SP: Oh my...(totally flabbergasted!!)