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What Does "Unbiased" Mean in the Digital World? (with Megan McArdle)

EconTalk

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Rules vs Discretion in Decision-Making

The debate over rules versus discretion in decision-making has been ongoing for centuries and is deeply embedded in Western culture. Proponents of rules believe they protect against negative outcomes like opportunism and selfishness, while those in favor of discretion argue for flexibility in handling individual cases. Although the emotional appeal of case-by-case decisions is strong, it can be challenging to apply objectively. Ultimately, the belief in following rules is driven by the idea that it leads to socially desirable outcomes.

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