Imperfect Information Quotes

I started in business journalism from the outside, so when I started writing about markets and business, I was struck by the fact that markets seemed to work well even though people are often irrational, lack good information and are not perfect in the way they think about decisions.

Public policy is a study in imperfection. It involves imperfect people, with imperfect information, facing deeply imperfect choices - so it's not surprising that they're getting imperfect results.

If you don't know everything, you must go on with what you do know.

You'll remember Dr. Rice said that several times: It was not a warning about the place and the method and the time - it was a general warning. And that points out the imperfection, if you would, of our intelligence.

Leaders get things wrong. Of course they do. They have imperfect information. They face competing political pressures. Ultimately they are human.

The assumption of perfect knowledge is very far from reality ... a lot of the evil in the world is actually not intentional.

We may not be able to get certainty, but we can get probability, and half a loaf is better than no bread.

They [free market policies] were never based on solid empirical and theoretical foundations, and even as many of these policies were being pushed, academic economists were explaining the limitations of markets for instance, whenever information is imperfect, which is to say always.

The issue of managing through a crisis is you have to be decisive even if you don't have perfect information.