We live in a world of polarized opinions. We consider ourselves to be largely rational, yet the basis of most of our biases come from knowledge we acquire from other people’s findings and research. Often, we vehemently prepare defenses against opposing biases, disregarding our own. Robin Hanson, associate professor of Economics at the George Mason University, cites a handful of interesting examples of common biases and argues that we need to overcome them.

A bias is a systematic tendency to produce error of judgement. An error is a gap between the truth and our estimation of it. Whether it is project scheduling, voting for a government, a belief that life is just like the movies, or even our bias about sex as aesthetically depicted in pornography, we scarcely realize that our biases are irrational. Our inclinations secure a private advantage to us at a social cost. When an incorrect bias is fostered, the results can be damaging to the society at large — from the selection of an incompetent government to projects going amiss.

The problem is vicious and deep-rooted. With a sense of urgency, Hanson suggests interesting approaches such as prediction markets to promote honesty and overcome the pernicious effects of bias.

Download the Podcast from IT Conversations (MP3 – 15mins)

A fantastic presentation from Mark Pesce on Mob Rules on how self-empowered self-organisation of networks of humans empowered by pervasive always on technologies will subvert any hierarchy that exists today… Also very funny

http://www.viddler.com/player/2afd3075/