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Neuroeconomics The Shadow of the Future_百度文库

Humans and other animals tend to disregard future benefits and

costs when choosing between immediate and delayed gratification.

This tendency can lead to the choice of options that are not in

one’s own longterm interest. A new study looks at the neurophysiological basis of this self-defeating behavior.

 

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Source: wenku.baidu.com

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The Relationship Between Creativity and Mental Illness

The science behind the “tortured genius” myth and what it reveals about how the creative mind actually works.

“I think I’ve only spent about ten percent of my energies on writing,” Pulitzer Prize-winning writer Katherine Anne Porter confessed in a1963 interview. “The other ninety percent went to keeping my head above water.” While art maybe a form of therapy for the rest of us, Porter’s is a sentiment far from uncommon among the creatively gifted who make that art. Why?

When Nancy Andreasen took a standard IQ test in kindergarten, she was declared a “genius.” But she was born in the late 1930s, an era when her own mother admonished that no one would marry a woman with a Ph.D. Still, became a psychiatrist and a neuroscientist, and made understanding the brain’s creative capacity her life’s work. Having grown up seeped in ambivalence about her “diagnosis” of extraordinary intellectual and creative ability, Andreasen wondered about the social forces at work in the nature-nurture osmosis of genius, about how many people of natural genius were born throughout history whose genius was never manifested, suppressed by lack of nurture. “Half of the human beings in history are women,” she noted, “but we have had so few women recognized for their genius. How many were held back by societal influences, similar to the ones I encountered and dared to ignore?” (One need only look at the case of Benjamin Franklin and his sister to see Andreasen’s point.)

“I think I’ve only spent

Source: www.brainpickings.org

See on Scoop.itBounded Rationality and Beyond

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How Colors Smell

When someone asks me what flavor slushie I want, I don’t say “cherry,” I say “red.” That flavor is called “red.” “Blue” is another flavor a slushie might have. Similarly, a cherry smell—especially the chemically cherry smell of a red slushie—is a red smell.

That one’s easy, since cherries are red. It doesn’t take a wild leap to make that association. But what color is the smell of, say, soap?

A new study published in PLOS One finds that some people say white, some say yellow, some say blue. A group of international researchers had people from different cultures smell 14 scents and choose from 36 colors the one that they associated most with the odor.

 

 

Source: www.theatlantic.com

See on Scoop.itBounded Rationality and Beyond

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“It Can’t Be A Bubble!” | Zero Hedge

If one wants to identify bubbles, one must perforce study monetary conditions. The comparison of historical data on valuations and other ancillary factors can only take one so far. The problem is that in times of strongly inflationary policy, the economy’s price structure becomes thoroughly distorted, and that therefore a great many “data” can no longer be regarded as reliable… Most of the time, it’s the eventual slowdown of money supply growth that brings a bubble to its knees.

Source: www.zerohedge.com

See on Scoop.itBounded Rationality and Beyond

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Recognizing The Illusion Of ‘Homo Economicus’

Market theory does not fully explain the economic choices we make. Commentator Wim Hordijk says we must also look to behavioral economics and evolutionary psychology to understand the economy.

Research into behavioral economics has shown, for example, that our assessment of what something is worth to us can be directly, and predictably, influenced. This is the illusion of the free lunch, something humans are known to fall for even when economic theory would clearly suggest we select a more valuable option at a small cost.

Ariely also beautifully elucidates how we sometimes operate on social norms, while other times we fall into market norms. The difference is in whether there is a price attached to something.

If a friend invites you over for dinner, she will probably appreciate it if you bring a nice bottle of wine along (social norms). However, if instead you slap $20 (the price of a nice bottle of wine) in cash on the table and say “thanks for a lovely dinner,” she would most likely be offended (market norms). Mixing social norms and market norms inappropriately often leads to irrational behavior and, possibly, even to conflict or misunderstanding.

Our irrational behavior is not just random though. The scientific experiments are repeatable. Each time we are faced with a similar situation, we tend to behave in a similarly irrational way. So, next to the bad news that we are not nearly as rational as we might have thought (or hoped), there is also good news in that we can understand and predict our irrational behavior, at least to some extent. This, in turn, can help us improve our decision making and change our behavior for the better. In other words, we can try to be more rational about our irrationality.

Source: www.npr.org

See on Scoop.itBounded Rationality and Beyond

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Neuroeconomists Retrospectively Confirm Warren Buffett’s Wisdom

In their experimental markets, Colin Camerer, the Robert Kirby Professor of Behavioral Economics at Caltech, and colleagues found two distinct types of activity in the brains of participants—one that made a small fraction of participants nervous and prompted them to sell their experimental shares even as prices were on the rise, and another that was much more common and made traders behave in a greedy way, buying aggressively during the bubble and even after the peak.   The lucky few who received the early warning signal got out of the market early, ultimately causing the bubble to burst, and earned the most money. The others displayed what former Federal Reserve chairman Alan Greenspan called “irrational exuberance” and lost their proverbial shirts. The researchers set up a simple experimental market in which they were able to control the fundamental, or actual, value of a traded risky asset. In each of 16 sessions, about 20 participants were told how an on-screen trading market worked and were given 100 units of experimental currency and six shares of the risky asset.

Source: www.fmvn.ca

See on Scoop.itBounded Rationality and Beyond

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Power and Reduced Temporal Discounting

Abstract
Decision makers generally feel disconnected from their future selves, an experience that  leads them to prefer smaller immediate gains to larger future gains. This pervasive tendency is known as temporal discounting, and researchers across disciplines are interested in understanding how to overcome it. Drawing from recent advances in the power literature, we suggest that the experience of power enhances one’s connection with the future self, resulting in reduced temporal discounting. In Study 1, we show that participants assigned to high-power roles are less likely than others to display temporal discounting. In Studies 2 and 3, we find that
priming power reduces temporal discounting in monetary and non-monetary tasks and, further, that connection with the future self mediates the relationship between power and reduced discounting. In Study 4, we show that experiencing a general sense of power in the workplace predicts actual lifetime savings. Implications and future research directions are discussed.

Source: www-bcf.usc.edu

See on Scoop.itBounded Rationality and Beyond




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