Matters of taste and competitive settings all pose interesting problems of judgment. But our focus is on judgments in which variability is undesirable. System noise is a problem of systems, which are organizations, not markets. When traders make different assessments of the value of a stock, some of them will make money, and others will not. Disagreements make markets. But if one of those traders is randomly chosen to make that assessment on behalf of her firm, and if we find out that her colleagues in the same firm would produce very different assessments, then the firm faces system noise,
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