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In: Economics

if humans truly are irrational, what are some potential problems you can see with handing everything...

if humans truly are irrational, what are some potential problems you can see with handing everything over to experts?

Solutions

Expert Solution

Some potential problems are as follows:

1. It removes the personal touch and feel that are different for each person and come when each individual takes the decision.

2. Decisions taken up by the experts, will be automated and it will be driven more by the rules and algorithm, rather with the issues and problems faced by the individuals or organization.

3. The outcomes given by experts will be completely mechanized and one solution will be given to many people. It will create duplicity of the solutions.

4.  Experts will also show some behavioral problems will also be there in decisions taken up by the experts.

5. Experts also need some inputs and it will only be provided by the humans. So, experts still depend upon the human. Success of experts will also depend upon the success of its decisions that is implemented upon the humans or firms. So, experts are still dependent upon the humans.


Rahul Sunny answered 8 months ago
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