"Risk-savvy citizens are indispensable pillars of a society that is ready for positive liberty."

“One is forced to assume that ordinary people have the computational capabilities and statistical software of econometricians.”

“The classical support for as-if models in the social sciences stems from the economist Milton Friedman , who, like the psychologist B. F. Skinner, saw little value in modeling cognitive processes. In contrast, our aim is to understand actual decision processes, not only the outcomes. There is a good reason for this. Without modeling the cognitive blade of Simon's scissors, it is utterly impossible to determine in what environments heuristics succeed, that is, their ecological rationality.”

“Models of bounded rationality describe how a judgement or decision is reached rather than merely the outcome of the decision, and they describe the class of environments in which these heuristics will succeed or fail.”