d 15%, but in fact, they disagreed… people can make that are different than biases. Help us understand that a little bit.
Kahneman: At an insurance company, we measured what is technically called noise, and we did that in the following way: We constructed a series of six completely realistic cases that were given to 50 of their underwriters. We wanted to determine how much variability there was in their funding decisions. We expected differences between 10% and 15%, but in fact, they disagreed about 56% of the time. That’s a lot of noise.