Nevon and Ahain were struck by the work people like garry kline have done on practical decision making. He discovered they didn't compare upshoots in the way a rational economist would tell them to. They looked for something that was good enough, and if it didn't work, they they went for something else. Mervan: The argument that computers are superior to humans in making decisions is a dangerous one. In our real lives we never have all the data ever. Sometimes we have none of the data because it's about a decision in the future that cannot be quatified.
John Kay and Mervyn King talk about their book, Radical Uncertainty, with EconTalk host Russ Roberts. This is a wide-ranging discussion based on the book looking at rationality, decision-making under uncertainty, and the economists' view of the world.