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It’s hard to make ‘good’ decisions

See on Scoop.itBounded Rationality and Beyond

A small group of business leaders was part of Mint’s Breakfast With CEOs event on 16 April 2015 at ITC Maurya’s Dum Pukht restaurant in Delhi. They were in conversation with a person who is known as the father of behavioural economics—Richard Thaler. The Charles R. Walgreen Distinguished Service Professor of Behavioural Science and Economics at the University of Chicago Booth School of Business and co-author of global bestseller Nudge: Improving Decisions About Health, Wealth and Happinesshas challenged the status quo among Economics academics to prove that the world is not made of Econs, or perfectly rational people analyzing reams of information to perfectly maximize utility, but of Humans, or real people who take irrational decisions and are suscptible to biases. Thaler advocates using ‘nudges’ for good outcomes, or putting in place a choice architecture that induces people to take decisions that are ‘good’ for them. The discussion, moderated by R. Sukumar, editor, Mint, generated a lively conversation about the use of behavioural economics in solving problems in business and policy. 

See on livemint.com



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maggio: 2015
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