We have defined noise as unwanted variability, and if something is unwanted, it should probably be eliminated. But the analysis is more complicated and more interesting than that. Noise may be unwanted, other things being equal. But other things might not be equal, and the costs of eliminating noise might exceed the benefits. And even when an analysis of costs and benefits suggests that noise is costly, eliminating it might produce a range of awful or even unacceptable consequences for both public and private institutions. There are seven major objections to efforts to reduce or eliminate
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