Kahneman speaks at the Pentagon
I was happy to see that the Pentagon heard from Daniel Kahneman about making better decisions!
I was happy to see that the Pentagon heard from Daniel Kahneman about making better decisions!
One of the central assumptions in basic economic theory is that agents are rational. However, behavioral economists question this assumption.
Recently, some have questioned whether the leader of North Korea is rational. However, do we need Kim Jong-un to be rational or just predictably irrational?
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You can find the DoD Budget information here:
CNAS has posted a critique of the President's 2014 Defense Budget:
The U.S. defense establishment today faces severe credibility challenges. Internationally, American defense budget cuts have shaken confidence in the U.S. military’s ability to achieve the nation’s security goals. The dysfunctional manner in which the U.S. government imposed the cuts has sapped faith in the ability of the American political system to provide steady, long-term support for U.S. security objectives. Domestically, the Department of Defense (DOD) has failed to accomplish its top political goal, averting sequestration, and has struggled to mobilize political support for its preferred strategy, the Defense Strategic Guidance. It is now being led by a defense secretary who suffered through a contentious nomination process and was confirmed by the smallest vote margin in the history of the job.
All of the think tanks are uniting in their displeasure with DoD's handling of its resource allocation under sequestration.
Now available.
DoD predicated the defense budget on the assumption that sequestration would not happen. Hence, the baseline is invalid. Nevertheless, this document will provide some insight into the priorities of the department and the administration.