The philosophy of decisions

A small note on cost and benefit

I have picked up Cass Sunstein’s latest book on cost / benefit trade offs, and am enjoying it. But it seems to me that there is a fundamental problem here with the framing. The model being put forward is one in which we straight-forwardly calculate costs and benefits for any choice and then we make the right, informed and rational choice. Yet, we know that this model breaks down in two significant cases – and that is when the costs or the benefits become very large. At that point, the probability is subsumed by the gravity of the cost or…

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