Deric's blog
Bounded Rationality and the Heuristic Slot Machine Gun
Submitted by Deric on June 17, 2007 - 3:20am."I know that most men, including those at ease with problems of the greatest complexity, can seldom accept the simplest and most obvious truth if it be such as would oblige them to admit the falsity of conclusions which they have proudly taught to others, and which they have woven, thread by thread, into the fabrics of their life" - Leo Tolstoy
Everyday, no matter what hour, in dimly lit smoke filled rooms across America you will find people of all classes and creeds pumping their hard earned dollars into sadist machines awaiting a large cash reward that will most likely never come. Even when confronted with the unpropitious odds, most gamblers will continue to pull the lever and watch the lemons, cherries, or what ever brightly colored icon the casino has dreamed up, start to spin and then slowly come to a rest still hungry for more of the gamblers money. These wagering pleasure seekers justify their actions with an irrational belief, or rather, faith that this one time they are above the odds and “luck” will prevail. It’s not uncommon for a pathological gambler to inform a fellow gambler of the odds, but then truly believe that the mathematical odds don’t apply to themselves because of their good luck. How can this be? How can someone know the rational truth yet decide to ignore it? Why risk loosing your money when money is the one thing your after? Studies have shown that between 5 and 15 million Americans suffer from a pathological gambling disorder. However, this irrational phenomena is not reserved just for gamblers. It can be witnessed in an even worse, and far more dangerous slave to the heuristic slot machine gun, the religious practitioner.