The Implications of Social Transmission Bias

In your 2020 presidential address to the American Finance Association, you made what I consider to be a deep and profound argument. You argued that social emergence can create the illusion of a behavioral bias for something when no such bias exists. That is the perfect segue because I'd like to move from that particular example to a more general point. Social transmission bias indirectly generates outcomes that can look very similar to direct individual level behavioral biases.