The Fundamental Delusion of Predicting Based on the Past

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Business, Mathematics
•
University
•
Hard
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5 questions
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1.
OPEN ENDED QUESTION
3 mins • 1 pt
What does the term 'Knightian uncertainty' refer to in the context of economic theory?
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2.
OPEN ENDED QUESTION
3 mins • 1 pt
How do historical probability distributions affect economic modeling according to the text?
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3.
OPEN ENDED QUESTION
3 mins • 1 pt
What fundamental delusion is mentioned regarding economic models and their predictions?
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4.
OPEN ENDED QUESTION
3 mins • 1 pt
What historical references are made to illustrate the failures of economic models?
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5.
OPEN ENDED QUESTION
3 mins • 1 pt
Why is it important for economics to describe the world as it is, according to the speaker?
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