2min chapter

The Gray Area with Sean Illing cover image

Best of: Alison Gopnik changed how I think about love

The Gray Area with Sean Illing

CHAPTER

Using Bayesian Thinking to Maximize Your Utility

If what you want to do is just maximize your utilities as quickly and effectively, then doing things like using heuristics and rules of thumb might not be a bad strategy. There can be a fetishization of people changing their minds that is out of proportion to how often people really change their minds. And that's another advantage of thinking of it in the Bayesian framework. So if you think what happens with development, for example, is you get more and more information, you should rationally wait the information.

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