Is chasing higher ranked hands ever justified?

[MicroBob]

you want to punish your opponents for incorrectly chasing when the odds dictate that they would be better off folding.
Sometimes they will win. But over time they are paying you off more when your hand holds up then they will be making for the times when they chase.

You say that you understand the concept of pot-odds but I think your understanding still needs work.
SSHE as was recommended would be a good place to start for some of this stuff.