Overprecision -- excessive confidence in the accuracy of our beliefs -- can have profound consequences, inflating investors' valuation of their investments, leading physicians to gravitate too quickly to a diagnosis, even making people intolerant...
Abstract: We develop a dynamic model where people decide in the presence of moral constraints and test the predictions of the model through two experiments. Norm violations induce a temporal feeling of guilt that depreciates with time. Due to such fluctuations of guilt, people exhibit an endogenous temporal inconsistency in social preferences—a behavior we term conscience accounting. In our experiments people first have to make an ethical decision, and subsequently decide whether to donate to charity. We find that those who chose unethically were more likely to donate than those who did not. As predicted, donation rates were higher when the opportunity to donate came sooner after the unethical choice than later. Combined, our theoretical and empirical findings suggest a mechanism by which prosocial behavior is likely to occur within temporal brackets following an unethical choice.
Research in behavioral economics and social psychology continuously shows us that people are irrational when they make decisions. Dan Lovallo, professor of business strategy and Olivier Sibony, director at McKinsey & Co. are exploring the most common biases in business and how they create dysfunctional patterns of decision-making. The goal is to create a common language—when we are aware of our biases and their impact on our organizations, we have more power to overcome them.
Reuters The idea that you can't buy happiness has been exposed as a myth, over and over. Richer countries are happier than poor countries. Richer people within richer countries are happier, too. The evidence is unequivocal: Money makes you happy.
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