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.
This episode is part two of our live event with Psychologist Daniel Kahneman and Olivier Sibony, Professor of Strategy and Business Policy at HEC Paris. In conversation with host Ritula Shah they present their argument of how we can all make more intelligent decisions in an increasingly chaotic world.
Part three of this event is available ad free, for subscribers now.
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