Decisions You Cannot Take Back
A choice made once that cannot be undone, so its result is lived without the chance to average it out by choosing again. Its cost includes the options it closes, and it earns more information before it is taken.
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What it rests on, and what rests on it
Rests on it
Where it is used
Articles
- Definition before decision
Characters
- John Smithin Definition before decision
Sources
- Herodotus, Histories, 1.53 and 1.91, c. 430 BC.
- Daniel Bernoulli, Econometrica 22(1), Exposition of a New Theory on the Measurement of Risk, 1738; English translation 1954.
- Ole Peters, Nature Physics 15(12), The ergodicity problem in economics, 2019.