On 7/31/2012 11:10 AM, R AM wrote:
On 7/30/2012 7:05 PM, Russell Standish wrote:
With complete information, a totally rational being makes optimal
choices, and has no free will, but always beats an irrational being.

Conversely, with incomplete information, a rational being will make a
wrong choice, or simply fail to make a choice at all, and so is
usually beaten by an irrational being.
With incomplete information, a rational being will make the best
choice under the available information and would beat an irrational
being most of the time.


Right. I don't think 'complete information' is even a well defined concept. It's only a good approximation in games like chess, but in life all decisions are made on incomplete information with finite future horizons and uncertainty about the value of different outcomes.

Brent

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