The Cost Information Theory

Cost information theory is an old concept which a lot of economists also use. It's basically a trade-off between the occurring information at accurate behavioral information at high cost and less accurate information at lower cost. So you aim to be in the topmost quadrant where the information is also sufficiently accurate and as accurate as possible and the cost is also not that much. To do all this we have learned certain cultural or cognitive biases that are allowing us to acquire useful trade from other people at a lower cost hence avoiding the costly process of getting the information. This is the crux of the jury this is how we have been functioning, I think it will become more clear as we talk about the biases