Bayesian

Bayes and Deadweight: Using Statistics to Eject the Deadweight From Your Life

[K]nowledge is indeed highly subjective, but we can quantify it with a bet. The amount we wager shows how much we believe in something. Sharon Bertsch McGrayne The quality of your life will, to a …

Gaming the System

Some college students used game theory to get an A by exploiting a loophole in the grading curve. Catherine Rampell explains: In several computer science courses at Johns Hopkins University, the …

Blindness to the Benefits of Ambiguity

“Decision makers,” write Stefan Trautmann and Richard Zeckhauser in their paper Blindness to the Benefits of Ambiguity, “often prove to be blind to the learning opportunities offered …