A Quote by Howard Raiffa

The best practical advice then is: try to maximize your expected payoff, which is the sum of all payoffs multiplied by probabilities.

Howard Raiffa

Quote Topics

Advice Best Expected Maximize Payoff Practical Sum Then Try Which Your Your Ex

Quote Author

Howard Raiffa
January 24, 1924 - July 8, 2016

If you want to maximize your expected utility, you try to save the world and the future of intergalactic civilization instead of donating your money to the society for curing rare diseases and cute puppies.

Eliezer Yudkowsky

My best advice to working women is just try what you think right now will be best for you and your family - and if it doesn't work, then change it. And look for ways to cut corners to add to your sanity.

Jane Park

The best practical advice I can give to the present generation is to practice the virtue which the Christians call love.

Bertrand Russell

Money is multiplied in practical value depending on the number of W's you control in your life: what you do, when you do it, where you do it, and with whom you do it.

Tim Ferriss

I think the best advice I give is to try not to write. Try not to overwrite, try not to make it sound too good. Just use your own voice. Use your own style of putting it down.

Elmore Leonard

The approach and strategies are very similar in that you gather all the information you can and then keep adding to that base of information as things develop. You do whatever the probabilities indicated based on the knowledge that you have at that time, but you are always willing to modify your behaviour or your approach as you get new information. In bridge, you behave in a way that gets the best from your partner. And in business, you behave in the way that gets the best from your managers and your employees.

Warren Buffett

If an event can be produced by a number n of different causes, the probabilities of the existence of these causes, given the event (prises de l'événement), are to each other as the probabilities of the event, given the causes: and the probability of each cause is equal to the probability of the event, given that cause, divided by the sum of all the probabilities of the event, given each of the causes.

Pierre-Simon Laplace

I think that it's very important that whoever is in office can trust the U.S. military to provide him with advice in private so that advice is not then used by somebody to try to criticize the president or try to influence the outcome.

Joseph Dunford

Most, probably, of our decisions to do something positive, the full consequences of which will be drawn out over many days to come, can only be taken as the result of animal spirits-a spontaneous urge to action rather than inaction, and not as the outcome of a weighted average of quantitative benefits multiplied by quantitative probabilities.

John Maynard Keynes

The best advice I got as a writer was also the first advice, which came from the late fantasy author and editor Karl Edward Wagner: Any agent who charges to look at your work is a crook.

Nancy A. Collins

Many a man wins glory for prudence by seeking advice, then seeking advice as to what advice would be best to take, and finally following appetite.

Austin O'Malley

Laboring through a world every day more stultified, which expected salvation in codes and governments, ever more willing to settle for suburban narratives and diminished payoffs--what were the chances of finding anyone else seeking to transcend that, and not even particularly aware of it?

Thomas Pynchon

You try to get yourself into a situation where you only have to answer to yourself, where you can ask advice of people and work with your peers and mentors and things to try to do the best job that you can possibly do.

George Lucas

The best advice I was probably given and the best advice I could give someone who is trying to get into the comedy field is to take advantage of every opportunity you have to work to hone your skills.

Bob Newhart

One influential philosophical position about the use of probability in science holds that probabilities are objective only if they are based on micro-physics; all other probabilities should be interpreted subjectively, as merely revealing our ignorance about physical details. I have argued against this position, contending that the objectivity of micro-physical probabilities entails the objectivity of macro-probabilities.