“Many years ago, a microeconomics instructor of mine made what was at that time the unexceptional observation that more information is always better than less information, that ‘more information weakly dominates less information’. The ‘weakly’ bit meant that, if the information was relevant to a choice, knowing it would improve one’s position. And if the information were not relevant to a choice, it could simply be ignored, with the choice remaining what it would have been without the added bit of information. Thus, more information never makes outcomes worse, and sometimes improves them. So more information is always to be preferred to less information …” (more)
[James R Rogers, Law and Liberty, 26 January]
First posted 2021-01-26 18:33:10
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