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dspeyer comments on Crush Your Uncertainty - Less Wrong Discussion
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For important decisions, yes.
For the majority of matters over which I am uncertain, the costs of gathering more data exceed the utility to be gained by making the right choice.
Sometimes intuitive cost-benefit analyses in this area fail badly due to a variety of biases.
Right. First of all, the cases I'm dealing with that prompted this (high speed iterative R&D and debugging) may be different from most circumstances.
Second, I assert that even when the utility to be gained directly by better informed decisions is low, it is still a good idea to gather more data because of out-of-decision concerns like giving yourself more contact with reality, and having simpler models/memories for future selves to remember and build on.