Just a little, maybe? May I move to the edge of politics here for a second? Thanks.
Gigerenzer's Law of Indispensable Ignorance
The world cannot function without partially ignorant people.
...Zero-intelligence traders who submitted random bids and offers in double auctions were as good as experts. Pedestrians who chose stocks by mere name recognition outperformed market experts and the Fidelity Growth Fund--and even more successfully when they were from abroad and more ignorant of the stock names. Expert ball players made better decisions about where to pass the ball when they had less time. Recreational tennis players who had only heard of half of the professional players in Wimbledon 2003 and simply bet that those they had not heard of would lose predicted the outcomes of the matches better than the official ATP-rankings and the seeding. Adam Smith's invisible hand is a metaphor for how collective wisdom emerges from the uninformed masses. article
Or, as I 'heard' it (repeated ad nauseum) a few years ago: Thinking interferes.
Saturday, February 14, 2004
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