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Daniel Kahneman on Making Intelligent Decisions in a Chaotic World - Part 1
Intelligence Squared
The Cost of Noise and Bias in Judgment
In practice, we think there is more noise and bias in judgment. It has a cost, as you point out, but it's not just about the business cost. Another example which we looked at is justice, criminal justice. On average, for a sentence of seven years, you have almost four years of difference between two judges looking at the same case. This is not a business cost, but this is a huge problem of fairness. One of the big consequences of noise is unfairness.
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