Science, Technology, and Current Futurism
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A Complex Predicament: How Our Energy, Economic and Ecological Systems are Connected

A Complex Predicament: How Our Energy, Economic and Ecological Systems are Connected | Science, Technology, and Current Futurism | Scoop.it
I am reposting, in their entirety, the ten articles I wrote that were published in SHIFT magazine (which is now on hiatus) between 2013 and 2015, since some of the links have changed and so that my blog contains the … Continue reading →...
Via Jürgen Kanz
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Daniel Kahneman - Interview Transcript

Daniel Kahneman - Interview Transcript | Science, Technology, and Current Futurism | Scoop.it
Nobelprize.org, The Official Web Site of the Nobel Prize

 

I never think of myself as having demonstrated irrationality.  There is a definition of rationality within the contest of economic theory or decision theory more broadly, which is a completely unrealistic conception of a human agent with a complete preference order about all states of the world, with a Bayesian set of beliefs about all possible states and this defines rationality in the context of economic theory. Now as a descriptive hypothesis this is a totally implausible hypothesis and, you know, it is fairly easy to show that that hypothesis isn’t true and we’ve been doing that, my late colleague Amos Tversky and I, and many others. It’s also not particularly interesting to show that it isn’t true because it’s so easy to do. We have been able to show some of the ways in which people depart from this ideal of rationality but this is not irrationality. People are reasonable, they’re prudent agents. It’s just that the definition of rationality that is used in economic theory is, I think, a very implausible definition and it fails descriptively and we have been able to document some of these failures and explain them. 

Sharrock's insight:

There is a lot of material and thought in these interviews with Nobel Prize Winners. This may be a powerful resource to learn the powerful ideas from the developers of them because when they are interviewed in this context, they are compelled to impress and inform. 

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From “Economic Man” to Behavioral Economics

From “Economic Man” to Behavioral Economics | Science, Technology, and Current Futurism | Scoop.it

A short history of modern decision making. This line of research—dubbed heuristics and biases, although you may be more familiar with its offshoot, behavioral economics—has become the dominant academic approach to understanding decisions. Its practitioners have had a major influence on business, government, and financial markets. Their books—Predictably Irrational; Thinking, Fast and Slow; and Nudge,to name three of the most important—have suffused popular culture. So far, so good. This research has been enormously informative and valuable. Our world, and our understanding of decision making, would be much poorer without it. It is not, however, the only useful way to think about making decisions

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