"[Elinor Ostrom] then developed a 'second-generation model of rationality' in which humans are 'complex, fallible learners who seek to do as well as they can given the constraints that they face and who are able to learn heuristics, norms, rules, and how to craft rules to improve achieved outcomes' (E. Ostrom 1998, p. 9). The … Continue reading Tragedy of the Commons After 50 Years & A New Model of the Rational Actor
Tag: outcomes
The Resulting Fallacy Is Ruining Your Decisions – Issue 55: Trust – Nautilus
"In life, it’s usually even more complicated because in most real decisions we haven’t examined the coin. We don’t know if it is a fair coin, if it has two sides with a heads and tails on it and is weighted properly. That’s the hidden information problem. We can’t see everything. We haven’t experienced everything. … Continue reading The Resulting Fallacy Is Ruining Your Decisions – Issue 55: Trust – Nautilus
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