Around these parts, we are very keen to point out cognitive foibles.
Temporarily stuck in human form as we are, our instruments for perceiving the universe around us are inherently flawed, susceptible to all manner of errors.
It is a design error in the wetware.
In the ongoing battle to keep these flaws from impacting our investing process, we keep learning of new problems — with both our hardware and software. We can work to keep the firmware updated, but the errors that keep cropping up are even worse than we previously imagined:
New research suggests that misinformed people rarely change their minds when presented with the facts — and often become even more attached to their beliefs. The finding raises questions about a key principle of a strong democracy: that a well-informed electorate is best.
Facts, apparently, don’t matter much . . .
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Source:
In Politics, Sometimes The Facts Don’t Matter
Interview with Dana Milbank, Brendan Nyhan and Robert Wood Johnson
NPR, July 13, 2010
http://www.npr.org/templates/story/story.php?storyId=128490874&f=1014&sc=tw
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