Archivio per 7 novembre 2015

07
Nov
15

Nick Naumof: Behavioral Science Explains the Failure of Free Markets

See on Scoop.itBounded Rationality and Beyond

Behavioral Science Explains the Failure of Free Markets

 
Most of you know me as a behavioral science guy, but I have to make a confession: my initial training is in Economics and business administration. Being born in a country with a communist dictatorship, with a centralized economy and spending much of childhood and teenage years in a chaotic backwards transition to market economy, I firmly believed in the virtues for free markets.
 
Perhaps because of this experience and seeing what free markets can do in a society unaccustomed to how they work, made me think hard if free markets are as virtuous as I thought them to be. And the answer is ambivalent: on the one hand, yes! It is absolutely obvious that a free market economy is far better than a centralized and corrupt one. On the other hand, however, free markets can be extremely perverse and lead to severely sub-optimal results (equilibrium).
 

See on naumof.blogspot.it

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07
Nov
15

The “Over-Sharing” Epidemic: How the Internet Makes Us Devalue Our Private Lives

See on Scoop.itBounded Rationality and Beyond

Over-sharing has made us into “approval-seeking machines.” Every thought needs to be broadcasted, and we’ve lost a sense of what should be kept private. 

The internet and social media give us the ability to broadcast our thoughts and feelings to the world at a moment’s notice. While there are many advantages to this ability to instantly communicate and reach out to others, it also breeds an environment of over-sharing.

Today, everyone seems to have a “digital self.” Our status updates on platforms like Facebook, Twitter, Tumblr, and Pinterest reveal a bit about who we are to the public. And as we know from countless controversies regarding celebrities and politicians, our “digital self” is intertwined with our public image and reputation.

Social scientists sometimes refer to this phenomenon as “ambient awareness,” which is a peripheral social awareness that we pick up about a person depending on what they “like” and “share” on social media. I first heard about this concept in the book Smarter Than You Think: How Technology is Changing Our Minds for the Better.

 

See on theemotionmachine.com

07
Nov
15

Measuring Emotional Contagion in Social Media

See on Scoop.itBounded Rationality and Beyond

Social media are used as main discussion channels by millions of individuals every day. The content individuals produce in daily social-media-based micro-communications, and the emotions therein expressed, may impact the emotional states of others. A recent experiment performed on Facebook hypothesized that emotions spread online, even in absence of non-verbal cues typical of in-person interactions, and that individuals are more likely to adopt positive or negative emotions if these are over-expressed in their social network. Experiments of this type, however, raise ethical concerns, as they require massive-scale content manipulation with unknown consequences for the individuals therein involved. Here, we study the dynamics of emotional contagion using a random sample of Twitter users, whose activity (and the stimuli they were exposed to) was observed during a week of September 2014. Rather than manipulating content, we devise a null model that discounts some confounding factors (including the effect of emotional contagion). We measure the emotional valence of content the users are exposed to before posting their own tweets. We determine that on average a negative post follows an over-exposure to 4.34% more negative content than baseline, while positive posts occur after an average over-exposure to 4.50% more positive contents. We highlight the presence of a linear relationship between the average emotional valence of the stimuli users are exposed to, and that of the responses they produce. We also identify two different classes of individuals: highly and scarcely susceptible to emotional contagion. Highly susceptible users are significantly less inclined to adopt negative emotions than the scarcely susceptible ones, but equally likely to adopt positive emotions. In general, the likelihood of adopting positive emotions is much greater than that of negative emotions.

See on journals.plos.org

07
Nov
15

Reality is just part of our evolution: The wild new theory that tests our understanding of the physical world

See on Scoop.itBrain Tricks: Belief, Bias, and Blindspots

A University of California cognitive scientist believes we learned to see things as they are as a means of survival

See on salon.com

07
Nov
15

We don’t save for the future because we lie to ourselves. This app might change that

See on Scoop.itBounded Rationality and Beyond

As humans, our failings are epic. We eat too much, lie to ourselves, never exercise enough, and spend so much money we have nothing left for that vacation in Hawaii. But technology, Dan Ariely believes, might save us from ourselves.

Ariely, professor of psychology and behavioral economics at Duke University is an investor and chief behavioral economist at Qapital, a Swedish-startup geared toward making millennials save.He tells Quartz the reason we fail to save—or spend effectively:

The most difficult problem is our lack of desire to think about it. You go to the supermarket and you buy and buy and buy.

People always underestimate. Even the cashier underestimates. We don’t add up all our costs. We are supposed to think about it and think of all the things we want to spend on now vs. later. But the reality is, we live in the moment and we make decisions in a myopic way without thinking about the big picture. It’s really, really hard. So we don’t do it.

See on qz.com

07
Nov
15

Rule of Law, Individual Rights and the Free Market in the Liberal Tradition: The Case of Greece

See on Scoop.itBounded Rationality and Beyond

The western liberal tradition is closely connected with the idea of rights and the rule of law. Rule of law is the idea of a civil society governed by a Constitution which sets limits to government power and protects individual rights against any

See on academia.edu




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