Archivio per 9 dicembre 2014

09
Dic
14

» Nudging citizens to be risk savvy AlwaysResearching.com

I should start this review of Gerd Gigerenzer’s least satisfactory but still interesting book, Risk Savvy: How to Make Good Decisions, by saying that I am a huge Gigerenzer fan and that this book is still worth reading. But there was something about this book that grated at times, especially against the backdrop of his other fantastic work.

In part, I continue to be perplexed by Gigerenzer’s ongoing war against nudges (as I have posted about before), despite his recommendations falling into the nudge category themselves. Nudges are all about presenting information and choices in different ways – which is the staple of Gigerenzer’s proposal to make citizens “risk savvy”. Gigerenzer’s use of evidence and examples throughout the book also fall well short of his other work, and this is ultimately the element of the book that left me somewhat disappointed.

Source: www.alwaysresearching.com

See on Scoop.itBounded Rationality and Beyond

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09
Dic
14

» Nudging citizens to be risk savvy AlwaysResearching.com

See on Scoop.itBounded Rationality and Beyond

I should start this review of Gerd Gigerenzer’s least satisfactory but still interesting book, Risk Savvy: How to Make Good Decisions, by saying that I am a huge Gigerenzer fan and that this book is still worth reading. But there was something about this book that grated at times, especially against the backdrop of his other fantastic work.

In part, I continue to be perplexed by Gigerenzer’s ongoing war against nudges (as I have posted about before), despite his recommendations falling into the nudge category themselves. Nudges are all about presenting information and choices in different ways – which is the staple of Gigerenzer’s proposal to make citizens “risk savvy”. Gigerenzer’s use of evidence and examples throughout the book also fall well short of his other work, and this is ultimately the element of the book that left me somewhat disappointed.

See on alwaysresearching.com

09
Dic
14

Gerd Gigerenzer

In this world, nothing is certain except death and taxes. We learn to read and write but not how to deal with uncertainty: we’re risk illiterates. Why do we fear what’s unlikely to kill us? Is it true that people are basically hopeless when it comes to managing health and wealth? Some experts have concluded that Homo sapiens (“man the wise”) is a misnomer, and that John and Jane Q. Public need continuous guidance, as a child needs a parent.Against this pessimistic view, I will argue that everyone can learn to deal with risk and uncertainty, and that experts can be part of the problem rather than the solution. A democracy needs risk-savvy citizens who cannot be easily frightened into surrendering their money, their welfare, and their liberty. We should begin to teach risk literacy to everyone.

Gerd Gigerenzer is director at the Max Planck Institute for Human Development and director of the Harding Center for Risk Literacy in Berlin. Previous positions he held include Professor of Psychology at the University of Chicago and John M. Olin Distinguished Visiting Professor, School of Law at the University of Virginia. He is also a member of the

Source: www.tedxzurich.com

See on Scoop.itBounded Rationality and Beyond

09
Dic
14

Gerd Gigerenzer

See on Scoop.itBounded Rationality and Beyond

In this world, nothing is certain except death and taxes. We learn to read and write but not how to deal with uncertainty: we’re risk illiterates. Why do we fear what’s unlikely to kill us? Is it true that people are basically hopeless when it comes to managing health and wealth? Some experts have concluded that Homo sapiens (“man the wise”) is a misnomer, and that John and Jane Q. Public need continuous guidance, as a child needs a parent.Against this pessimistic view, I will argue that everyone can learn to deal with risk and uncertainty, and that experts can be part of the problem rather than the solution. A democracy needs risk-savvy citizens who cannot be easily frightened into surrendering their money, their welfare, and their liberty. We should begin to teach risk literacy to everyone.

Gerd Gigerenzer is director at the Max Planck Institute for Human Development and director of the Harding Center for Risk Literacy in Berlin. Previous positions he held include Professor of Psychology at the University of Chicago and John M. Olin Distinguished Visiting Professor, School of Law at the University of Virginia. He is also a member of the

See on tedxzurich.com

09
Dic
14

‘Risk Savvy: How to Make Good Decisions’, by Gerd Gigerenzer – FT.com

How many people did the 9/11 terrorists kill? According to Gerd Gigerenzer, more than 4,500 died as a direct result of the attacks. Besides the almost 3,000 slaughtered in the airliners and their targets on the ground, an additional 1,600 lost their lives in US road accidents during the year that followed because they chose to drive rather than risk flying. Gigerenzer’s statistical analysis of the increase in road traffic during 2001/02 – and its fatal consequences – is one of many powerful examples in Risk Savvy of the way people make bad decisions because they misunderstand risk.
His main target is the medical profession though many other fields, including finance and journalism, receive glancing blows from this German expert in risk communication. Gigerenzer, a psychologist based at the Max Planck Institute for Human Development in Berlin, is merciless in his attacks on those who mislead patients, clients and the public into exaggerated fears or hopes for their treatments and investments.

Source: www.ft.com

See on Scoop.itBounded Rationality and Beyond

09
Dic
14

‘Risk Savvy: How to Make Good Decisions’, by Gerd Gigerenzer – FT.com

See on Scoop.itBounded Rationality and Beyond

How many people did the 9/11 terrorists kill? According to Gerd Gigerenzer, more than 4,500 died as a direct result of the attacks. Besides the almost 3,000 slaughtered in the airliners and their targets on the ground, an additional 1,600 lost their lives in US road accidents during the year that followed because they chose to drive rather than risk flying. Gigerenzer’s statistical analysis of the increase in road traffic during 2001/02 – and its fatal consequences – is one of many powerful examples in Risk Savvy of the way people make bad decisions because they misunderstand risk.
His main target is the medical profession though many other fields, including finance and journalism, receive glancing blows from this German expert in risk communication. Gigerenzer, a psychologist based at the Max Planck Institute for Human Development in Berlin, is merciless in his attacks on those who mislead patients, clients and the public into exaggerated fears or hopes for their treatments and investments.

See on ft.com

09
Dic
14

Gigerenzer-Kahneman Debate on Decision Making – Ergonomics in Design

See on Scoop.itBounded Rationality and Beyond

Here is the dispute in a nutshell. Kahneman is the most famous (Nobel Prizes tend to do that) so I will start there. He models decision making using a hot and fast System 1 that takes shortcuts using heuristics, is biased by emotion, and therefore makes less optimal decisions and a cold and slow System 2 that is more logical and optimal. Therefore, to help people make better decisions, we should push them towards using System 2 or use smart defaults and paternalistic policies to nudge them in that direction.

Gigerenzer finds two main faults to this approach. First, System 1 is often correct when System 2 fails. This happens because System 2 is limited by working memory and many of the complex decisions we make in life go beyond what working memory can handle. So our gut System 1 decisions, although we can’t articulate how we came to them, are sometimes better anyway. Second, he finds that many of the people who use System 1 inappropriately simple lack statistical knowledge and if we taught them some basic techniques, they would be much better. He highlights the difference between risk and uncertainty – which is one of the causes of the financial market crash of 2006-8. He also points to some of the intentional tricks that companies use to sell products that intentionally mislead.

See on ergonomicsindesign.com




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