Right. First of all, the cases I’m dealing with that prompted this (high speed iterative R&D and debugging) may be different from most circumstances.
Second, I assert that even when the utility to be gained directly by better informed decisions is low, it is still a good idea to gather more data because of out-of-decision concerns like giving yourself more contact with reality, and having simpler models/memories for future selves to remember and build on.
For important decisions, yes.
For the majority of matters over which I am uncertain, the costs of gathering more data exceed the utility to be gained by making the right choice.
Right. First of all, the cases I’m dealing with that prompted this (high speed iterative R&D and debugging) may be different from most circumstances.
Second, I assert that even when the utility to be gained directly by better informed decisions is low, it is still a good idea to gather more data because of out-of-decision concerns like giving yourself more contact with reality, and having simpler models/memories for future selves to remember and build on.
Sometimes intuitive cost-benefit analyses in this area fail badly due to a variety of biases.