Debiasing Decisions
The conversation delves into the concept of debiasing, highlighting its roots in behavioral economics developed by Daniel. By examining past projects, the discussion emphasizes the importance of adjusting forecasts based on actual performance, suggesting a practical approach to managing expectations in planning. The notion that ridership predictions can often be overly optimistic is explored, with a recommendation to cut forecasts significantly to align with historical data.In this clip
From this podcast
EconTalk
Bent Flyvbjerg on Megaprojects
Related Questions