Tuesday, January 09, 2007
Know When To Fold 'Em?
"Daniel Kahneman, who won the Nobel Memorial Prize in Economic Science for his research on irrationality in decision-making, thinks they're delusional. Mr. Kahneman and Jonathan Renshon recently argued in Foreign Policy magazine that the administration's unwillingness to face reality in Iraq reflects a basic human aversion to cutting one's losses -- the same instinct that makes gamblers stay at the table, hoping to break even." --Paul Krugman, in the NYT, brought to our attention by Eric Alterman.