by Barry Goldman

Two books came out recently in the field of decision-making. Baruch Fischhoff published Decisions: Studying and Supporting People Facing Hard Choices, and Barry Schwartz and Richard Schuldenfrei published Choose Wisely: Rationality, Ethics, and the Art of Decision-Making. The two books take very different approaches. In a word, Fischhoff represents the science of decision-making. Schwartz represents the art.
We are all in favor of rational decision-making. We want public policy decisions to be made by reasonable people following orderly procedures designed to give appropriate consideration to relevant factors and to maximize the probability of success. How could we possibly not want that? And the same is true of personal decisions. We may not have the patience or the attention span to work through the literature and pick the best health insurance plan for our family. But we have to agree it would be better if that choice were made on some rational basis rather than randomly or on the basis of the relative attractiveness of the models in the company brochures. We may conclude that any improvement in health insurance coverage is not worth the effort required to identify it. That’s fine. Some decisions are not worth thinking about. But even the decision that something is not worth thinking about is better if it is made according to some rational process.

At the same time, there is a false precision conveyed by the matrix of factors, weights and probabilities involved in rational choice theory. And there is something missing. If you’re trying to decide whether to uproot your family and move across the country or whether to start a war with, say, Venezuela, an algorithm and a spreadsheet are not what you need. As the saying goes, not everything that counts can be counted, and not everything that can be counted counts.
Baruch Fischhoff was present at the inception. Amos Tversky and Daniel Kahneman jointly advised his dissertation. He was at Hebrew University in Jerusalem with Kahneman and Tversky when they began creating the universe of judgment and decision-making, biases and heuristics, and what became behavioral economics. His name is most closely associated with hindsight bias, our tendency to think we knew it all along and to be “insufficiently surprised” by events. For the past 50 years Fischhoff has been applying Bayesian inference, game theory, measure theory and signal detection theory to an extraordinary array of real-world decision problems. Read more »

The town had only one grocery store, and Steve wondered where the locals did their shopping. Certainly not here, but perhaps in a supermarket outside of town, one that required a car. Along with Julia, he picked up some Italian cheese, prosciutto, grapes, and a bottle of local wine, and they made their way up the hill to the house they’d rented for the week.
Back when I worked for large corporations, people would often talk of being in “period of change” or how they could “see the light at the end of the tunnel” after a period of heavy restructuring or similar. These days, you might be forgiven for wondering where the tunnel went. Change is incessant and showing no signs of slowing down. In fact, it is quite the opposite. We are entering a period when change might in fact actually be speeding up, even from its currently historically high levels. While not the majority view, nor the most likely scenario in my estimation, there is still a nonzero likelihood that we are in fact in the last few years of an era. Through the development of AGI – artificial general intelligence – the world could become unrecognizable in just a few years.
Never before have I worried about rolling out of my bed or a chair and falling down, kerplunk! For no reason. Now I have to. I feel like a spacer on the first outer space mission, alert with every breath, having always to think about where to place each foot. constantly aware. As I walk, my legs sometimes shake. Sharp pangs wander erratically across my legs, occasionally intersecting with a joint, others centered around a muscle.
Marco A Castillo. Mangle I, 2025.












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