Shows
MCMP – EpistemologyFast, Frugal and Focused: When less information leads to better decisionsGregory Wheeler (MCMP) gives a talk at the MCMP Colloquium (25 June, 2014) titled "Fast, Frugal and Focused: When less information leads to better decisions". Abstract: People frequently do not abide by the total evidence norm of classical Bayesian rationality but instead use just a few items of information among the many available to them. Gerd Gigerenzer and colleagues have famously shown that decision-making with less information often leads to objectively better outcomes, which raises an intriguing normative question: if we could say precisely under what circumstances this "less is more" effect occurs, we conceivably could say when people should reason the...2019-04-1800 min