Chapter
Russ Roberts discusses the "Vampire Problem" of Unknown Unknowns in Bayesian Updating
1:04:38 - 1:05:33 (00:55)
Russ Roberts talks about the limitations of Bayesian updating and the challenge of accounting for unknown unknowns, citing the "Vampire Problem" where the existence of vampires would drastically impact population models.
Clips
In this podcast, Russ Roberts and the host discuss the "Vampire Problem" in economics, which refers to the unknown unknowns in Bayesian updating that cannot be predicted.
1:04:38 - 1:05:33 (00:55)
Economics
Summary
In this podcast, Russ Roberts and the host discuss the "Vampire Problem" in economics, which refers to the unknown unknowns in Bayesian updating that cannot be predicted. Roberts offers insights on how to approach this issue and highlights his unique form of examining economics through transcendentalism.