Ed.X Behavioral Economics
Notes from Ed.X course on Behavioral Economics 6.3 Discussion on End User License Agreement (EULA) The way in which something is disclosed is also important. If the disclosure is written by lawyers with the intent to not be clear and to cover themselves in all possibilities, then clearly consumers will not have the patience to read lengthy disclosures or the capability to understand them. The software End User License Agreement (EULA) is the classic case of forcing an active choice, but giving totally incomprehensible information. Perhaps we will have future digital assistants that will translate and summarize this stuff for us humans. I hope those programs don't come with EULAs. 6.2 Decision Aids Wisdom of Crowds I think there is a third alternative to expert versus model, and that is applying the fascinating principle of the wisdom of crowds. It is applying the same technique as averaging the model and the expert to get the best performance. This seems to be a dominant