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JohnVonNeumann @ wu-wien.ac.at
| Description | : | Refused Explanantion.
"The von Neumann and Morgenstern approach (extended by von Neumann's Probabilistic Logics and the Synthesis of Reliable Organisms From Unreliable Components) assumes t hat human unreliability and irrationality will, in the aggregate, be filtered out. In the real world, however, irrational behavior (including the "stupidity of the stock exchange boys") is not completely filtered out. A new generation of behavioral economists - and new modes of economic misbehavior - are reminding us of that... I refuse to accept however, the stupidity of the Stock Exchange boys, as an explanation of the trend of stocks," wrote John von Neumann to Stanislaw Ulam, on December 9, 1939. Those boys are stupid alright, but there must be an explanation of what happens, which makes no use of this fact.", www.edge.org/documents/archive/edge295.html GOTO 2009-1939=70yearsOfProgress GOTO SomeArguments-Matured&WellDone GOTO ThereMustBeAnExplanantion GOTO OutfilteredIrrationalBehaviour GOTO BewussteVerletzungProfessionellerStandards GOTO JvN |
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