What does that mean in terms of your phone? We can assume that people like to notice when their phone is ringing, and that most people hate missing a call. This means their perceptual systems have adjusted their bias to a level that makes misses unlikely. The unavoidable cost is a raised likelihood of false alarms – of phantom phone vibrations. Sure enough, the same study that reported phantom phone vibrations among nearly 80% of the population also found that these types of mismatches were particularly common among people who scored highest on a novelty-seeking personality test. These people place the highest cost on missing an exciting call.
The trade-off between false alarms and misses also explains why we all have to put up with fire alarms going off when there isn't a fire. It isn't that the alarms are badly designed, but rather that they are very sensitive to smoke and heat – and biased to avoid missing a real fire at all costs. The outcome is a rise in the number of false alarms. These are inconvenient, but nowhere near as inconvenient as burning to death in your bed or office. The alarms are designed to err on the side of caution.
All perception is made up of information from the world and biases we have adjusted from experience. Feeling a phantom phone vibration isn't some kind of pathological hallucination. It simply reflects our near-perfect perceptual systems trying their best in an uncertain and noisy world.