The Chesterton fence is the idea that you come across a fence in the middle of a field and think, well, this looks just like it gets in the way. And when you tear it down, you find out it had a purpose, but it doesn't make sense to you. Many heuristics, many rules of thumb are like that; they've evolved over time. They're consistent with the way our brain works. Yet as arrogant experts, we often say, oh,Well, this just must be a mistake. We change policy or make decisions accordingly.
Psychologist and author Gerd Gigerenzer of the Max Planck Institute for Human Development talks about his book Gut Feelings with EconTalk host Russ Roberts. Gigerenzer argues for the power of simple heuristics--rules of thumb--over more complex models when making real-world decisions. He argues that many results in behavioral economics that appear irrational can be understood as sensible ways of coping with complexity.