EconTalk Archives, 2007
EconTalk Archives, 2007
EconTalk: Russ Roberts, Library of Economics and Liberty
Sunstein on Infotopia, Information and Decision-Making
1 hour 5 minutes Posted May 14, 2007 at 10:45 am.
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Show notes
Cass Sunstein of the University of Chicago talks about the ideas in his latest book, Infotopia. What are the best ways to get the information needed to make wise decisions when that information is spread out among an organization's members or a society's citizens? He argues that prediction markets can help both politicians and business leaders make better decisions and discusses the surprising ways they're already being used today. Deliberation, the standard way we often gather information at various kinds of meetings, has some unpleasant biases that hamper its usefulness relative to surveys and incentive-based alternatives.