Most social problems are "wicked", meaning that they are highly complex, intractable, open-ended, and multi-dimensional. In wicked learning environments, information is ambiguous, feedback may be slow, or causes and effects are difficult to ascertain. Using the insights from the Bloomington...

In a given period, a diversified fund, by virtue of being a weighted average, will perform somewhere in the middle range of its components' respective performances. This means that adaptive investors who look to the past to adjust expectations about future returns will shun diversified funds....