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The method you are using is very sensitive on what kinds of methods are used to search for possible explanations for the possibly irrational behaviour. For example the market for miracle cures doesn't have any strong red flag and the method could be employed that religion as a whole seems to be valauble to people and it is not easy to explain religion as being because of single biases.

I for example I were to deside whether I should go with a index found or a managed hedgefund it doesn't that well convince me that a lot of other people have gone with a hedgefund. Crucially some people migth have decided not based on whether other people are doing it but use some other means.

If a miracle cure worker tries to sell me holy water to that cures the common flue and all kinds of headaches, I could reason that because other people are buying it there must be truth behind it. However if I submit the holy water to a medical double blind test it might come back as null effect. Still it could be argued that the miracle cure buyers are infact buying the placebo effect and that the activity has inherent value. If the point of a hedge fund is to generate bigger profits than unmanaged one comparing it to index funds is similar to the medical litmus test. If the result is null profits the profit narrative is false. What comes to mind is that when the money suffers losses they can blame it on the economy but when it goes up they can attribute it to having chosen such a good manager for the funds. Thus when you use a hedge fund and get profits it seems to confirm your earlier beliefs and it is harder to see you would have gotten the gains anyways even without the manager. Just like getting better after consuming a miracle cure.

The profession of a doctor used to be much more low status when the involvement of a doctor didn't have any great health impacts. But even those doctors held beliefs relating to health. But when doctors got better in their craft and involved such methods such as washing your hands and started to belief in germs the status climbed. Even when they didn't have their craft together we did entrust our sick to their care even if it meant a regular description of mercury or having a hole drilled in their skulls, because that was the best shot we got and those were the people that atleast tried. When we are estimating how well economists have their craft together it isn't that telling on whether people are entrusting their money for them to handle or not. Hiding form even the most educated doctors might have been the sane thing to do. Being reserved that economist are not that essential that they like to belief might be similarly warranted even if one isn't a better economic expert or know anyone that does it better.