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Daniel Kahneman on Making Intelligent Decisions in a Chaotic World - Part 2
Intelligence Squared
Cost-Benefit Analysis of Noise Reduction
When considering reducing noise, it's crucial to evaluate the cost versus benefit. In scenarios like grading essays, having multiple professors grade each essay may reduce noise but might not be worth the cost. Each situation requires a case-by-case evaluation to determine if the cost of reducing noise is justified. The cost can be financial or in terms of demotivation and loss of agency. Not all noise should be eliminated as it may not always be feasible or desirable, so sensitivity to various dimensions is vital.
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