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El-Erian Institute of Behavioural Economics and Policy

2023

2022

  • 9
    DEC
    Keynote address – “Noise and bias” by Professor Cass R SunsteinWe define “noise” as variability in judgments that should be identical. Noise has detrimental effects in many fields, including medicine, law, economic forecasting, forensic science, bail, child protection, strategy, performance reviews, and personnel selection. Wherever there is judgment, there is noise. Yet, most of the time, individuals and organisations alike are unaware of it. They neglect noise. With a few simple remedies, people can reduce both noise and bias, and so make far better decisions.