Rationality Quotes August 2011

dvasya

Here's the new quotes thread, for all those quotes you were going to post.

Rules:

Please post all quotes separately, so that they can be voted up/down separately. (If they are strongly related, reply to your own comments. If strongly ordered, then go ahead and post them together.)
Do not quote yourself.
Do not quote comments/posts on LW/OB.
No more than 5 quotes per person per monthly thread, please.

Here's the new quotes thread, for all those quotes you were going to post.

Rules:

Please post all quotes separately, so that they can be voted up/down separately. (If they are strongly related, reply to your own comments. If strongly ordered, then go ahead and post them together.)
Do not quote yourself.
Do not quote comments/posts on LW/OB.
No more than 5 quotes per person per monthly thread, please.

This sounds wrong. Biases have predictable direction, that's why they're called biases and not variance (ahem).

Particularly, what we know about cognitive biases precisely is “theory of irrational behavior” — we just don't have a, complete, theory of irrational behavior.

3Tom_Talbot15y

Friedman continues, but I shortened the quote to make it punchier. Essentially he says that, (1) given a large number of individuals irrationality will average out in the aggregate, (2) In most cases that an economist would be interested in (eg. investors, CEOs) the individuals have been selected to be good at the task they are performing, i.e. not irrational in that domain.

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Rationality Quotes August 2011

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Rationality Quotes August 2011

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