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21 Nov 2009 09:26 am
Bad Advice
Jonah Lehrer describes a cognitive bias:
[E]ven terrible expert advice
can reliably tamp down activity in brain regions (like the anterior
cingulate cortex) that are supposed to monitor mistakes and errors.
It's as if the brain is intimidated by credentials, bullied by bravado.
The perverse result is that we fail to skeptically check the very
people making mistakes with our money. I think one of the core
challenges in fixing our economy is to make sure we design incentive
systems to reward real expertise, and not faux-experts with no track
record of success. We need to fund scientists, not mutual fund managers.
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