"After a little reflection, the best strategy becomes clear: bid aggressively up to a maximum cutoff value and then quit."

Howard Raiffa Economics See all quotes by Howard Raiffa →

React to this quote

More by Howard Raiffa

“The art of compromise centers on the willingness to give up something in order to get something else in return. Successful artists get more than they give up.”

“Ideas are incestuous.”

“the mediation of internal conflicts can be resolved by linkages with other problems.”

“Game theory, however, deals only with the way in which ultrasmart, all knowing people should behave in competitive situations, and has little to say to Mr. X as he confronts the morass of his problem.”

“We act like a zero-sum society, when in reality there is a lot of non zero-sum fat to be skimmed off to everyone's mutual advantage.”

“The need is not for the creation of new analytical techniques specially designed for the negotiation process, but rather for the creative use of analytical thinking that exploits existing techniques.”

Resonant Thoughts

"Bernard Shaw says that as long as men torture and slay animals and eat their flesh we shall have war. I think all sane, thinking people must be of his opinion. The children of my school were all veget…"

— Isadora Duncan

Literature1877–1927

#mind

"Since none of the creatures of the sea were taken on Noah's ark, there would be a strong possibility that some plesiosaurs and maybe even some ichtyosaurs survived the Flood. The violent and turbulent…"

— Ken Ham

Science1951

#time

"When conspiracies have governmental powers, they can usually cover up their guilt at the time and they often destroy evidence so thoroughly that later generations are left with a puzzle they can solve…"

— Revilo P. Oliver

Education1908–1994

#politics

"My Parents had early given me religious Impressions, and brought me through my Childhood piously in the Dissenting Way. But I was scarce 15 when, after doubting by turns of several Points as I found t…"

— Benjamin Franklin

Politics1812–1878

#books