Showing results for "Making Media Theory" in Business & Careers

Many of the prices we pay seem to make little sense. We shell out $2.29 for a coffee at Starbucks when a nearly identical brew can be had at the corner deli for less than a dollar. We may be less willing to give blood for $25 than to donate it for free. Americans hire the cheap labor of illegal immigrants to fix the roof or mow the lawn and vote for politicians who promise to spend billions to keep them out of the country.

Averting Catastrophe explores how governments ought to make decisions in times of imminent disaster. Cass R. Sunstein argues that using the "maximin rule", which calls for choosing the approach that eliminates the worst of the worst-case scenarios, may be necessary when public officials lack important information and when the worst-case scenario is too disastrous to contemplate. He underscores this argument by emphasizing the reality of "Knightian uncertainty", found in circumstances in which it is not possible to assign probabilities to various outcomes.