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<oembed><version>1.0</version><provider_name>naked capitalism</provider_name><provider_url>https://www.nakedcapitalism.com</provider_url><author_name>Yves Smith</author_name><author_url>https://www.nakedcapitalism.com/author/yves-smith</author_url><title>Gerd Gigerenzer: On How Decisions are Really Made, Versus How Economists Say They Should Make Decisions, and Why the Folks in the Real World Often Have it Right | naked capitalism</title><type>rich</type><width>600</width><height>338</height><html>&lt;blockquote class="wp-embedded-content" data-secret="KDcDkUKzAL"&gt;&lt;a href="https://www.nakedcapitalism.com/2012/04/gerd-gigerenzer-on-how-decisions-are-really-made-versus-how-economists-say-they-should-make-decisions-and-why-the-folks-in-the-real-world-often-have-it-right.html"&gt;Gerd Gigerenzer: On How Decisions are Really Made, Versus How Economists Say They Should Make Decisions, and Why the Folks in the Real World Often Have it Right&lt;/a&gt;&lt;/blockquote&gt;&lt;iframe sandbox="allow-scripts" security="restricted" src="https://www.nakedcapitalism.com/2012/04/gerd-gigerenzer-on-how-decisions-are-really-made-versus-how-economists-say-they-should-make-decisions-and-why-the-folks-in-the-real-world-often-have-it-right.html/embed#?secret=KDcDkUKzAL" width="600" height="338" title="&#x201C;Gerd Gigerenzer: On How Decisions are Really Made, Versus How Economists Say They Should Make Decisions, and Why the Folks in the Real World Often Have it Right&#x201D; &#x2014; naked capitalism" data-secret="KDcDkUKzAL" frameborder="0" marginwidth="0" marginheight="0" scrolling="no" class="wp-embedded-content"&gt;&lt;/iframe&gt;&lt;script type="text/javascript"&gt;
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</html><description>This is a bit of a sleeper of a presentation from the recent INET conference. It was from a session titled "What Can Economists Know?" which might cause willies among non-economists as being too much about epistemology and not enough about issues that might give insight, say, into why the overwhelming majority of economists in early 2007 thought a global financial crisis was impossible.  This talk by Gerd Gigerenzer is about heuristics, and why they are often superior to the more formal methods of analysis and decision-making fetishized by economists.</description></oembed>

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