Archivio per 4 gennaio 2016

04
Gen
16

The Best Human-Blunder Books of 2015

See on Scoop.itBounded Rationality and Beyond

By Cass R. Sunstein

Behavioral science has become the usual term for psychological and economic research on human behavior, often designed to explore people’s biases and blunders. For that research, 2015 has been a banner year, with an unusually large number of important books. Five of them stand out – and two of these weren’t even written by social scientists.“Phishing for Phools,” by George Akerlof and Robert Shiller, is an instant classic. Akerlof and Shiller contend that free markets lead companies to “phish” – to exploit both the ignorance and the behavioral biases of “phools” (also known as human beings). One of their major contributions is to show that if we care about people’s well-being, the invisible hand is often the problem, not the solution.That hand sometimes punishes companies that fail to take advantage of biases, such as the tendency to ignore fine print or to show unrealistic optimism. Akerlof and Shiller are well aware that the free market does a lot of good, but they demonstrate that it can reward businesses (such as mortgage providers, cigarette companies and sellers of high-calorie foods) when those companies really don’t help their customers, but actually harm them.

See on bloombergview.com

04
Gen
16

Political Incorrectness Is Scientifically Bogus

See on Scoop.itBounded Rationality and Beyond

By Cass R. Sunstein

Among Republicans, it has become politically correct to be politically incorrect. Actually that’s the most politically correct thing that you can possibly be. As soon as you announce that you’re politically incorrect, you’re guaranteed smiles and laughter, and probably thunderous applause. Proudly proclaiming your bravery, you’re pandering to the crowd.A math-filled new paper, by economists Chia-Hui Chen at Kyoto University and Junichiro Ishida at Osaka University, helps to explain what’s going on. With a careful analysis of incentive structures, they show that if self-interested people want to show that they are independent, their best strategy is to be politically incorrect, and to proclaim loudly that’s what they are being. The trick is that this strategy has nothing at all to do with genuine independence; it’s just a matter of salesmanship, a way to get more popular. 

See on bloombergview.com




Time is real? I think not

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