Opinion | The Nobel Prize-Winning Professor Who Liked to Collaborate With His Adversaries
Cass R. Sunsteinnytimes.com
Opinion | The Nobel Prize-Winning Professor Who Liked to Collaborate With His Adversaries
His model could explain Anthony’s risk aversion, but it cannot explain Betty’s risk-seeking preference for the gamble, a behavior that is often observed in entrepreneurs and in generals when all their options are bad.
As Nassim Taleb has argued, inadequate appreciation of the uncertainty of the environment inevitably leads economic agents to take risks they should avoid.
psychologist Daniel Kahneman, studied human decision making from the “heuristics and biases” model
“We can’t live in a state of perpetual doubt,” Nobel Prize–winning psychologist Daniel Kahneman explains, “so we make up the best story possible…
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“Understanding how well intentioned, intelligent people can create an outcome that no one expected and no one wants is one of the profound lessons of the game.”