Richard Cyert, James G. March, William H. Starbuck. (1961) "Two experiments on bias and conflict in organisational estimation," Management Science, 254–64; Abstract
“A choice may have to be made between a biased estimator which is believed to be relatively accurate and an unbiased estimator which is demonstrably highly inefficient, and it is by no means obvious that the latter is always to be preferred.”
Source: Studies in the National Income and Expenditure of the United Kingdom, 1954, p. 286
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Richard Stone 11
British economist, Nobel Memorial Prize winner 1913–1991Related quotes

Richard Cyert, James G. March, William H. Starbuck. (1961) "Two experiments on bias and conflict in organisational estimation," Management Science, 254–64; Abstract
Richard Cyert, James G. March, William H. Starbuck. (1961) "Two experiments on bias and conflict in organisational estimation," Management Science, 254–64; Abstract
Studies in the National Income and Expenditure of the United Kingdom, 1954

The Coal Question (1865)
Context: The alternatives before us are simple. Our empire and race already comprise one-fifth of the world's population, and by our plantation of new states, by our guardianship of the seas, by our penetrating commerce, by the example of our just laws and firm constitution, and above all by the dissemination of our new arts, we stimulate the progress of mankind in a degree not to be measured. If we lavishly and boldly push forward in the creation and distribution of our riches, it is hard to over-estimate the pitch of beneficial influence to which we may attain in the present. But the maintenance of such a position is physically impossible. We have to make the momentous choice between brief greatness and longer continued mediocrity.

Page 70.
Golden Booklet of the True Christian Life (1551)
Kulischer (1949) "The Russian Population Enigma". in: Foreign affairs. Vol 27. April 1949. p. 497
Part Six, Blowing Up, Survival Motive, p. 296-297
Fortune's Formula (2005)

Source: The State — Its Historic Role (1897), X
Context: Throughout the history of our civilization, two traditions, two opposing tendencies have confronted each other: the Roman and the Popular; the imperial and the federalist; the authoritarian and the libertarian. And this is so, once more, on the eve of the social revolution.
Between these two currents, always manifesting themselves, always at grips with each other — the popular trend and that which thirsts for political and religious domination — we have made our choice.
We seek to recapture the spirit which drove people in the twelfth century to organise themselves on the basis of free agreement and individual initiative as well as of the free federation of the interested parties. And we are quite prepared to leave the others to cling to the imperial, the Roman and canonical tradition.