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Why We Procrastinate - Issue 9: Time - Nautilus

Why We Procrastinate - Issue 9: Time - Nautilus | Bounded Rationality and Beyond | Scoop.it

he British philosopher Derek Parfit espoused a severely reductionist view of personal identity in his seminal book, Reasons and Persons: It does not exist, at least not in the way we usually consider it. We humans, Parfit argued, are not a consistent identity moving through time, but a chain of successive selves, each tangentially linked to, and yet distinct from, the previous and subsequent ones. The boy who begins to smoke despite knowing that he may suffer from the habit decades later should not be judged harshly: “This boy does not identify with his future self,” Parfit wrote. “His attitude towards this future self is in some ways like his attitude to other people.”

Parfit’s view was controversial even among philosophers. But psychologists are beginning to understand that it may accurately describe our attitudes towards our own decision-making: It turns out that we see our future selves as strangers. Though we will inevitably share their fates, the people we will become in a decade, quarter century, or more, are unknown to us. This impedes our ability to make good choices on their—which of course is our own—behalf. That bright, shiny New Year’s resolution? If you feel perfectly justified in breaking it, it may be because it feels like it was a promise someone else made.

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7 2 6 2 Dual process theory & neuroeconomics 14 58 - YouTube

Dual process theory & neuroeconomics 
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Timeful, a mobile app, promises to stop distraction in its tracks

Timeful, a mobile app, promises to stop distraction in its tracks | Bounded Rationality and Beyond | Scoop.it
Timeful promises to combine behavioral science and machine learning to create a holistic calendar of your day—from meetings to flossing.

Ariely, whose first book Predictably Irrational highlighted how painfully incompetent we are at making optimal financial decisions (and poked holes in the theory of supply and demand), has been researching human fallibility for years. (No wonder the guy is a little despondent.) But there is reason for a small, newfound source of hope. Along with Stanford University computer science professor Yoav Shoham and Jacob Bank, a Stanford doctoral candidate, Ariely has co-founded a company that aims to help people make better use of their most precious resource—time.

The trio’s first product is an application called Timeful, a name that their Mountain View, Calif-based company shares. At first glance, the iOS app seems like a slightly souped-up calendar tool: it automatically synchronizes with existing calendars and has a familiar interface. But the app also instructs users to pick from a list of health- and happiness-minded tasks—running, flossing, calling Mom or Dad—in addition to the usual personal or work-related to-do list. It then incorporates all of that data, which can include sleep patterns and designated productive times of the day, to suggest time slots for everything. “Figuring out what to do with your time is a really complex computational problem,” Ariely says.

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Nudged towards homebrand by our supermarkets; but is it really a choice?

Nudged towards homebrand by our supermarkets; but is it really a choice? | Bounded Rationality and Beyond | Scoop.it

nternational food giant Heinz has recently again complained about the behaviour of Australian supermarkets Coles and Woolworths, complaining the Australian retailers' homebrand strategy is creating an “inhospitable environment” for suppliers by restricting consumer choice.

The increasingly widespread use of homebrand, or “private labels” in Australia illustrates the ugly relationship between such strategies, “nudge” theory and the illusion of choice.

Developed by academics such as Richard Thaler, director of the Centre for Decision Research at the University of Chicago,nudge theory works along the lines that most of us will not do what we should unless we get a gentle nudge in the right direction.

Restricting our choices via regulation or other government intervention when it comes to eating unhealthy food, but widening the choices when it comes to healthy food to make us eat more healthy food, is an example of nudge theory.

Once the majority starts eating more healthy food then the rest of us will be nudged into following as we won’t to be left behind.

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Nudge novelty has worn off, but we still need behavioural economics

Nudge novelty has worn off, but we still need behavioural economics | Bounded Rationality and Beyond | Scoop.it

It took decades for behavioural economics to break into the mainstream. Now, after just a few years of “bias”, “anchoring” and “nudge”, some critics are already questioning whether it has anything left to offer.

This is a curious suggestion. Behavioural economics might well be open to ill-informed accusations of relying on easy wins, but so it goes in many scientific disciplines. Challenging and refining findings is essential to how we progress, which is why relentless experimentation – the signature research method of behavioural economics – is the very foundation of science.

Make no mistake: behavioural economics is an experimental science in action. The perception of economics as non-experimental endured for most of the 20th century, sustained by the beliefs and pronouncements of figures as influential and as decorated as Milton Friedman, but nowadays many economists – not most, granted, but many – do run experiments.

What do these experiments actually tell us? Perhaps the single most important inference, one that’s demonstrated again and again, is that we need to invest in developing theories of behaviour that are built on evidence about how people make decisions rather than on age-old assumptions about how idealised hyper-rational beings ought to choose.

 
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Neuroscience vs. Philosophy: Explaining the secrets of the mind

Neuroscience vs. Philosophy: Explaining the secrets of the mind | Bounded Rationality and Beyond | Scoop.it

From the existence of the self to the nature of free will, many philosophers have dedicated their lives to the problems of the mind. But now some neuroscientists claim to have settled these raging debates. Is it possible we have discovered a science to replace philosophy and we can finally make real progress?

Cognitive scientist Margaret Boden, and philosopher of mind and language Barry C. Smith and neurobiologist Steven Rose put neuroscience on trial.

 

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The Behavioral Economics Guide 2014 | FREE Download on BehavioralEconomics.com

The BE Guide includes something for everyone. First, there’s a fantastic foreword written by George Loewenstein (a founding father of BE) and Rory Sutherland (ad man and leading BE advocate). The core of the Guide is an introduction to BE and mini encyclopedia / glossary of concepts written by my humble self, Alain Samson. The second part of the Guide contains various BE resources (books, journals and postgraduate programs). Finally, there’s a substantial section on applied behavioral science that includes eight papers contributed by authors from various organizations. 

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Are Markets Efficient? Even the Supreme Court Is Weighing In

Are Markets Efficient? Even the Supreme Court Is Weighing In | Bounded Rationality and Beyond | Scoop.it

In a case that delved into a much-debated academic theory, a ruling erects a new hurdle for investors to clear in some class-action lawsuits.  Mr. Shiller emphasized “the enormous role of human error” that has been documented by behavioral finance and the need to rein in market excesses through regulation. Therefore, the company argued, the court should overturn a 1988 decision, Basic v. Levinson, that has allowed shareholders in publicly traded companies to form class-action groups based on the automatic assumption that significant misstatements caused share prices to fall.

“The economics have changed,” Aaron M. Streett, Halliburton's lawyer, declared before the court. He said that many investors “do not rely on the integrity of the market price whatsoever. ... Sometimes, for example, prices are much higher than can be justified by fundamental factors like corporate earnings and other public information.They are prone to bouts of irrational exuberance, outright panic and other apparent aberrations that give wise traders an edge, and make claims of total efficiency hard to defend.”

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The Upside of Dyslexia

The Upside of Dyslexia | Bounded Rationality and Beyond | Scoop.it
The condition makes it harder to learn to read. But it also seems to offer visual advantages.

People with dyslexia, who have a bias in favor of the visual periphery, can rapidly take in a scene as a whole — what researchers call absorbing the “visual gist.”

Intriguing evidence that those with dyslexia process information from the visual periphery more quickly also comes from the study of “impossible figures,” like those sketched by the artist M. C. Escher. A focus on just one element of his complicated drawings can lead the viewer to believe that the picture represents a plausible physical arrangement.

A more capacious view that takes in the entire scene at once, however, reveals that Escher’s staircases really lead nowhere, that the water in his fountains is flowing up rather than down — that they are, in a word, impossible. Dr. Catya von Károlyi, an associate professor of psychology at the University of Wisconsin, Eau Claire, found that people with dyslexia identified simplified Escher-like pictures as impossible or possible in an average of 2.26 seconds; typical viewers tend to take a third longer. “The compelling implication of this finding,” wrote Dr. Von Károlyi and her co-authors in the journal Brain and Language, “is that dyslexia should not be characterized only by deficit, but also by talent.”

The discovery of such talents inevitably raises questions about whether these faculties translate into real-life skills. Although people with dyslexia are found in every profession, including law, medicine and science, observers have long noted that they populate fields like art and design in unusually high numbers. Five years ago, the Yale Center for Dyslexia and Creativity was founded to investigate and illuminate the strengths of those with dyslexia, while the seven-year-old Laboratory for Visual Learning, located within the Harvard-Smithsonian Center for Astrophysics, is exploring the advantages conferred by dyslexia in visually intensive branches of science. The director of the laboratory, the astrophysicist Matthew Schneps, notes that scientists in his line of work must make sense of enormous quantities of visual data and accurately detect patterns that signal the presence of entities like black holes.

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EAST: Four Simple Ways to Apply Behavioural Insights | The Behavioural Insights Team

EAST: Four Simple Ways to Apply Behavioural Insights | The Behavioural Insights Team | Bounded Rationality and Beyond | Scoop.it
EAST: Four Simple Ways to Apply Behavioural InsightsIf you want to encourage a behaviour, make it Easy, Attractive, Social and Timely (EAST). These four simple principles, based on the Behavioural Insights Team’s own work and the wider academic literature, form the heart of the team’s new framework for applying behavioural insights.

One of the key objectives of the Behavioural Insights Team at its creation in 2010 was to spread the understanding of behavioural approaches across the policy community. 

Alongside the policy work and trials conducted by the Team over the last three years, we have conducted many seminars, workshops and talks with policymakers, academics and practitioners. 

From these many sessions, together with our trials and policy work, has emerged a simple, pragmatic framework: the EAST framework. EAST stands for Easy, Attractive, Social and Timely.

Though we do not claim that EAST is a comprehensive summary of all there is to know about behavioural science, we do think that for busy policymakers, the EAST framework is an accessible, simple way to make more effective and efficient policy. 

Minister for Government Policy, Oliver Letwin, said: 

“The behavioural science literature can be complex, so having a simple framework which policymakers can easily access and apply is invaluable.

As the Minister responsible for Government Policy, I’ve seen how some of these insights can be applied in practice to help generate policy that’s smarter, simpler and is highly cost-effective.” 

Minister for the Cabinet Office Francis Maude said:

“The publication of this framework, only two months after we announced the spin out of the Behavioural Insights Team into a mutual joint-venture, is a clear sign that this new business model will deliver results both for policymakers and for citizens. 

Giving the team the freedom to meet demand from across the public and private sectors, not just in the UK but overseas, is enabling more people to benefit from their work – and our retained stake means that their success is also a win for hardworking taxpayers.”

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The Behavioralist As Tax Collector: Using Natural Field Experiments to Enhance Tax Compliance

Tax collection problems date back to the earliest recorded history of mankind. This paper begins with a simple theoretical construct of paying (rather than declaring) taxes, which we argue has been an overlooked aspect of tax compliance. This construct is then tested in two large natural field experiments. Using administrative data from more than 200,000 individuals in the UK, we show that including social norms and public goods messages in standard tax payment reminder letters considerably enhances tax compliance. The field experiments increased taxes collected by the Government in the sample period and were cost-free to implement, demonstrating the potential importance of such interventions in increasing tax compliance.

Michael Hallsworth, John List, Robert Metcalfe, Ivo Vlaev 
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The Relationship Between Creativity and Mental Illness

The Relationship Between Creativity and Mental Illness | Bounded Rationality and Beyond | Scoop.it

The science behind the “tortured genius” myth and what it reveals about how the creative mind actually works.

“I think I’ve only spent about ten percent of my energies on writing,” Pulitzer Prize-winning writer Katherine Anne Porter confessed in a1963 interview. “The other ninety percent went to keeping my head above water.” While art maybe a form of therapy for the rest of us, Porter’s is a sentiment far from uncommon among the creatively gifted who make that art. Why?

When Nancy Andreasen took a standard IQ test in kindergarten, she was declared a “genius.” But she was born in the late 1930s, an era when her own mother admonished that no one would marry a woman with a Ph.D. Still, became a psychiatrist and a neuroscientist, and made understanding the brain’s creative capacity her life’s work. Having grown up seeped in ambivalence about her “diagnosis” of extraordinary intellectual and creative ability, Andreasen wondered about the social forces at work in the nature-nurture osmosis of genius, about how many people of natural genius were born throughout history whose genius was never manifested, suppressed by lack of nurture. “Half of the human beings in history are women,” she noted, “but we have had so few women recognized for their genius. How many were held back by societal influences, similar to the ones I encountered and dared to ignore?” (One need only look at the case of Benjamin Franklin and his sister to see Andreasen’s point.)


"I think I’ve only spent
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Extremely good article based on definitive work on creativity by one of the world's most eminent psychiatrists. 

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"It Can't Be A Bubble!" | Zero Hedge

"It Can't Be A Bubble!" | Zero Hedge | Bounded Rationality and Beyond | Scoop.it
If one wants to identify bubbles, one must perforce study monetary conditions. The comparison of historical data on valuations and other ancillary factors can only take one so far. The problem is that in times of strongly inflationary policy, the economy's price structure becomes thoroughly distorted, and that therefore a great many “data” can no longer be regarded as reliable... Most of the time, it's the eventual slowdown of money supply growth that brings a bubble to its knees.
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Neuroeconomists Retrospectively Confirm Warren Buffett's Wisdom

In their experimental markets, Colin Camerer, the Robert Kirby Professor of Behavioral Economics at Caltech, and colleagues found two distinct types of activity in the brains of participants—one that made a small fraction of participants nervous and prompted them to sell their experimental shares even as prices were on the rise, and another that was much more common and made traders behave in a greedy way, buying aggressively during the bubble and even after the peak.   The lucky few who received the early warning signal got out of the market early, ultimately causing the bubble to burst, and earned the most money. The others displayed what former Federal Reserve chairman Alan Greenspan called "irrational exuberance" and lost their proverbial shirts. The researchers set up a simple experimental market in which they were able to control the fundamental, or actual, value of a traded risky asset. In each of 16 sessions, about 20 participants were told how an on-screen trading market worked and were given 100 units of experimental currency and six shares of the risky asset.

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Surviving the Global Pension Crisis

Surviving the Global Pension Crisis | Bounded Rationality and Beyond | Scoop.it
The US$100 trillion global retirement savings shortfall is the megatrend that will define the next 40 years, according to Rich Marin.

No megatrend will define the next 40 years more than the global pension crisis, according to Richard Marin, author of Global Pension Crisis: Unfunded Liabilities and How We Can Fill the Gap. He recently spoke at the 2014 CFA Institute Financial Analysts Seminar, and his sober assessment of the state of the world’s pension plans should serve as a wake-up call for the some of the world’s biggest economies.

How big is the problem? Marin estimates the global retirement savings shortfall at nearly $100 trillion. In the developed world, unfavorable demographics and an unwillingness on the part of policymakers to make difficult choices are the problem’s key drivers. Aging populations, longer lifespans, and static retirement ages have led Marin to conclude that, without meaningful changes, generational conflict is on the horizon.

Marin estimates global recorded wealth in monetary assets to be $132 trillion, of which roughly $50 trillion is allocated as retirement assets. Looking out to the year 2050, he calculates a current retirement funding need of $98.6 trillion. To drive home his view that few will be insulated from the looming crisis, Marin shared that he considered titling his book, You Can’t Build Your Walls High Enough. Higher taxes, he warned, are almost certainly going to be part of any solution.

 
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Why Behavioral Economics Is Cool, and I'm Not

Why Behavioral Economics Is Cool, and I'm Not | Bounded Rationality and Beyond | Scoop.it

Here are some of my favorite surprising studies. What do they have in common?

• People are more likely to buy jam when they're presented with 6 flavors than 24.
• After inspecting a house, real estate agents thought it was $14,000 more valuable when the seller listed it at $149,900 than $119,900.
• When children play a fun game and then get rewarded for it, they lose interest in playing the game once the rewards are gone.
• People conserve more energy when they see their neighbors' consumption rates.
• If you flip a coin six times, people think Heads-Heads-Heads-Tails-Tails-Tails is less likely than Heads-Tails-Tails-Heads-Heads-Tails, even though the two are equally likely.
• Managers underestimate the intrinsic motivation of their employees.

They've all appeared in the media as research done by behavioral economists, when in fact they were done by psychologists.*

This is a common mistake. As one Nobel Laureate in economics observes: "When it comes to policy making, applications of social or cognitive psychology are now routinely labeled behavioral economics."

 

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AUDIO Q&A: Neuroeconomics and the answer to the 'curse of choice'

AUDIO Q&A: Neuroeconomics and the answer to the 'curse of choice' | Bounded Rationality and Beyond | Scoop.it

We are faced with a myriad of choice in our lives - but an emerging body of work suggests the more choice we’re faced with, the more likely we’ll make a poor decision.

The conundrum is called the “curse of choice” and the field of neuroeconomics - a blend of economics, psychology and neuroscience - uses a variety of methodological tools to understand how we make decisions and help us improve our ability to choose well.

New York University Professor Paul Glimcher, a world leader in neuroeconomics, visited the University of Sydney recently to present his findings on the curse of choice - and how to overcome it.

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The Limits of Logic: Should we embrace the irrational?

The Limits of Logic: Should we embrace the irrational? | Bounded Rationality and Beyond | Scoop.it

Logicians don't rule the world or get the most done. Could it be that a consistent world view is neither desirable nor achievable? If we abandon the straightjacket of rationality might this lead to a more powerful and exciting future, or is it a heresy that leads to madness? 

Shahidha Bari asks Cambridge philosopher and author of Think Simon Blackburn, psychiatrist and author of The Master and His Emissary Iain McGilchrist, and radical journalist Beatrix Campbell whether we should embrace the irrational.

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éToile Platform

éToile Platform | Bounded Rationality and Beyond | Scoop.it

The modern world is complex beyond human understanding and control. The science of complex systems aims to find new ways of thinking about the many interconnected networks of interaction that defy traditional approaches. Thus far, research into networks has largely been restricted to pairwise relationships represented by links between two nodes. This course marks a major extension of networks to multidimensional hypernetworks for modeling multi-element relationships, such as companies making up the stock market, the neighborhoods forming a city, people making up committees, divisions making up companies, computers making up the internet, men and machines making up armies, or robots working as teams. This course makes an important contribution to the science of complex systems by: (i) extending network theory to include dynamic relationships between many elements; (ii) providing a mathematical theory able to integrate multilevel dynamics in a coherent way; (iii) providing a new methodological approach to analyze complex systems; and (iv) illustrating the theory with practical examples in the design, management and control of complex systems taken from many areas of application.

 
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The Inefficient Market Hypothesis

The Inefficient Market Hypothesis | Bounded Rationality and Beyond | Scoop.it
Despite significant differences of opinion, two winners of the Nobel in economic science, Eugene Fama and Robert Shiller, express more confidence in financial markets than may be warranted, an economist writes. 

In its simplest form, the debate between traditional and behavioral finance comes down to the difference between two sets of investment recommendations: if you believe the efficient market hypothesis, don’t try to beat the market by picking individual stocks, just invest in index funds. If you don’t believe it, try to anticipate the kinds of mistakes other investors are likely to make and take advantage of them (a strategy closely associated with the behavioral economist Richard Thaler, who was considered a likely candidate for the Nobel this year).

Tragically, however, both investment strategies fail in the event of a major financial collapse, which drives many businesses into bankruptcy and many workers into unemployment. Minor departures from informational efficiency can’t explain the experience of the United States economy in the 21st century.

Theories based on the Keynes/Minsky view of the business cycle focus not on the imperfect rationality of individual investors, but on the institutional dynamics of financial profit maximization under conditions of uncertainty. Banks face temptations to overextend and overleverage themselves during booms and to develop inherently opaque securities like derivatives that offer them enormous profits.

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The computational beauty of flocking: boids revisited

Artificial-life research was founded in the mid-1980s. It promotes the idea of the bottom-up research approach, where only the basic units of a situation and their local interaction are modelled, and then the system is left to evolve. However, the notable progress of the processing power of personal computers, evident in the last two decades, has had little influence on the ways the basic units (artificial animals or animats) are constructed. This impacts largely on the applicability of the methods in other research fields. Our field of choice is the modelling of bird flocks. This area was at its peak in the late 1980s when Craig W. Reynolds presented the first and most influential model – the boids. In spite of his many following works no formal definition has ever been presented. This might be the reason why a second generation of flocking models is still awaited. In this article we make a step forward, all in view of allowing for the development of the second-generation models. We present an artificial animal construction framework that has been obtained as a generalization of the existing bird flocking models, but is not limited to them. The article thus presents a formal definition of the
framework and gives an example of its use. In the latter the framework is employed to present a formalization of Reynolds’s boids.

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The quest to understand consciousness - Antonio Damasio

The quest to understand consciousness - Antonio Damasio | Bounded Rationality and Beyond | Scoop.it

Every morning we wake up and regain consciousness -- that is a marvelous fact -- but what exactly is it that we regain? Neuroscientist Antonio Damasio uses this simple question to give us a glimpse into how our brains create our sense of self. Brain researcher Jill Bolte Taylor studied her own stroke as it happened -- and has become a powerful voice for brain recovery.

Two thirds of the population believes a myth that has been propagated for over a century: that we use only 10% of our brains. Hardly! Our neuron-dense brains have evolved to use the least amount of energy while carrying the most information possible -- a feat that requires the entire brain. Richard E. Cytowic debunks this neurological myth (and explains why we aren’t so good at multitasking).

The brain is what makes us function, yet we understand so little about how it works. We are learning more about the brain by using new technology to monitor epilepsy patients during surgery. Moran Cerf explains the process doctors use to explore the brain further.

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Collection of Delinquent Fines: An Adaptive Randomized Trial to Assess the Effectiveness of Alternative Text Messages - Haynes - 2013 - Journal of Policy Analysis and Management - Wiley Online Library

Collection of Delinquent Fines: An Adaptive Randomized Trial to Assess the Effectiveness of Alternative Text Messages - Haynes - 2013 - Journal of Policy Analysis and Management - Wiley Online Library | Bounded Rationality and Beyond | Scoop.it
Abstract

The collection of delinquent fines is a vast and ongoing public administration challenge. In the United Kingdom, unpaid fines amount to more than 500 million pounds. Managing noncompliant accounts and dispatching bailiffs to collect fines in person is costly. This paper reports the results of a large randomized controlled trial, led by the UK Cabinet Office's Behavioural Insights Team, which was designed to test the effectiveness of mobile phone text messaging as an alternative method of inducing people to pay their outstanding fines. An adaptive trial design was used, first to test the effectiveness of text messaging against no treatment and then to test the relative effectiveness of alternative messages. Text messages, which are relatively inexpensive, are found to significantly increase average payment of delinquent fines. We found text messages to be especially effective when they address the recipient by name.

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Neuroeconomics The Shadow of the Future_百度文库

Neuroeconomics The Shadow of the Future_百度文库 | Bounded Rationality and Beyond | Scoop.it

Humans and other animals tend to disregard future benefits and

costs when choosing between immediate and delayed gratification.

This tendency can lead to the choice of options that are not in

one’s own longterm interest. A new study looks at the neurophysiological basis of this self-defeating behavior.

 

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How Colors Smell

How Colors Smell | Bounded Rationality and Beyond | Scoop.it

When someone asks me what flavor slushie I want, I don’t say “cherry,” I say “red.” That flavor is called “red.” “Blue” is another flavor a slushie might have. Similarly, a cherry smell—especially the chemically cherry smell of a red slushie—is a red smell.

That one’s easy, since cherries are red. It doesn’t take a wild leap to make that association. But what color is the smell of, say, soap?

A new study published in PLOS One finds that some people say white, some say yellow, some say blue. A group of international researchers had people from different cultures smell 14 scents and choose from 36 colors the one that they associated most with the odor.

 

 

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Recognizing The Illusion Of 'Homo Economicus'

Recognizing The Illusion Of 'Homo Economicus' | Bounded Rationality and Beyond | Scoop.it
Market theory does not fully explain the economic choices we make. Commentator Wim Hordijk says we must also look to behavioral economics and evolutionary psychology to understand the economy.

Research into behavioral economics has shown, for example, that our assessment of what something is worth to us can be directly, and predictably, influenced. This is the illusion of the free lunch, something humans are known to fall for even when economic theory would clearly suggest we select a more valuable option at a small cost.

Ariely also beautifully elucidates how we sometimes operate on social norms, while other times we fall into market norms. The difference is in whether there is a price attached to something.

If a friend invites you over for dinner, she will probably appreciate it if you bring a nice bottle of wine along (social norms). However, if instead you slap $20 (the price of a nice bottle of wine) in cash on the table and say "thanks for a lovely dinner," she would most likely be offended (market norms). Mixing social norms and market norms inappropriately often leads to irrational behavior and, possibly, even to conflict or misunderstanding.

Our irrational behavior is not just random though. The scientific experiments are repeatable. Each time we are faced with a similar situation, we tend to behave in a similarly irrational way. So, next to the bad news that we are not nearly as rational as we might have thought (or hoped), there is also good news in that we can understand and predict our irrational behavior, at least to some extent. This, in turn, can help us improve our decision making and change our behavior for the better. In other words, we can try to be more rational about our irrationality.

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