Bounded Rationali...
21.1K views | +35 today
Scooped by Alessandro Cerboni
onto Bounded Rationality and Beyond!

“What is fair for you?” Judgments and decisions about fairness and Theory of Mind

Theory of Mind (ToM) is involved in decision making in strategic games with adults, while its results with children are still controversial, probably because the literature to date has not directly assessed children’s concept of fairness. The goal of this research is to investigate what constitutes fairness across different age groups (children aged seven, eight and nine years) by assessing both their judgements and their decisions concerning the offers made by a social partner and then to relate this to ToM understanding by using second-order false-belief tasks. Results show that, across age groups, the concept of fairness evolves from divisions in one’s advantage towards those of equality; although ToM is not related to the concept of fairness, it plays a role in the strategic behaviour that orients children to accept more equal divisions and to reject hyperfair divisions.

Eli Levine's curator insight, April 30, 3:19 PM

I wonder if this could be replicated across cultures at the same age group.  Would certainly help confirm or deny the whole Theory of Mind conception for humanity.


I'm willing to bet that, especially at young ages, we're more alike mentally than we are different.  It is the mixture of experiences, genetics and so forth that, I think, creates the diversity of perspective that is needed in order to have a healthy, functional and, dare I say, thriving and adaptable society.  For sure, there are ticks in our brains that may help strengthen or weaken our connection with reality.  But, in general, humanity must be allowed to remain dynamic, because we are in a dynamic universe.  No sense calcifying our brains, because that would be rigid and breakable in common reality.


So, very interesting survey.  Would like to see more research.




Think about it.


Bounded Rationality and Beyond
News on effects of Bounded Rationality
Your new post is loading...
Your new post is loading...
Scooped by Alessandro Cerboni!

Neuroeconomics The Shadow of the Future_百度文库

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

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.


No comment yet.
Scooped by Alessandro Cerboni!

How Colors Smell

How Colors Smell | Bounded Rationality and Beyond |

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.



No comment yet.
Scooped by Alessandro Cerboni!

Recognizing The Illusion Of 'Homo Economicus'

Recognizing The Illusion Of 'Homo Economicus' | Bounded Rationality and Beyond |
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.

No comment yet.
Scooped by Alessandro Cerboni!

Power and Reduced Temporal Discounting

Decision makers generally feel disconnected from their future selves, an experience that  leads them to prefer smaller immediate gains to larger future gains. This pervasive tendency is known as temporal discounting, and researchers across disciplines are interested in understanding how to overcome it. Drawing from recent advances in the power literature, we suggest that the experience of power enhances one’s connection with the future self, resulting in reduced temporal discounting. In Study 1, we show that participants assigned to high-power roles are less likely than others to display temporal discounting. In Studies 2 and 3, we find that
priming power reduces temporal discounting in monetary and non-monetary tasks and, further, that connection with the future self mediates the relationship between power and reduced discounting. In Study 4, we show that experiencing a general sense of power in the workplace predicts actual lifetime savings. Implications and future research directions are discussed.

No comment yet.
Scooped by Alessandro Cerboni!

Is Time Travel Possible? Testing the ‘Grandfather Paradox’ - YouTube

Science for a Complex World

Time travel is a science fiction staple, inspiring the plots of countless books, movies and Star Trek episodes. But while basic physics allows for the possibility of moving through time, practical concerns like the “Grandfather Paradox,” in which a traveler jumps back in time, kills his grandfather and therefore prevents his own existence, seem to stand in the way. Self-described “quantum mechanic” Seth Lloyd looks at an alternate mode of time travel that eliminates any events that could later prove paradoxical, making this phenomenon both theoretically possible and creatively irresistible, whether you’re an astrophysicist or just a daydreamer.

No comment yet.
Scooped by Alessandro Cerboni!

Chapter 18: Risk Perception and Risk Tolerance by Victor Ricciardi, Douglas Rice :: SSRN

Chapter 18: Risk Perception and Risk Tolerance by Victor Ricciardi, Douglas Rice :: SSRN | Bounded Rationality and Beyond |
This chapter provides an overview of the research literature and the important issues regarding risk perception and risk tolerance. The academic literature reveals that various disciplines provide an assortment of perspectives in terms of how to define, describe, and analyze risk. The behavioral finance perspective encompasses the subjective and objective factors of risk within the domains of risk perception and risk tolerance. Risk perception is the subjective decision-making process that an investor uses when evaluating risk and the amount of uncertainty. Risk tolerance is the degree of risk that an investor is willing to endure in the pursuit of a financial objective. A major problem within the risk tolerance literature is the lack of general agreement about issues such as a standard definition, a uniform theory or model, measurement discrepancies, and the growing number of questionnaires. Academic researchers and practitioners are only now starting to study and understand the long-term effects of the financial crisis in 2007 and 2008 on investor risk-taking behavior. 


No comment yet.
Scooped by Alessandro Cerboni!

What is Cognitive Science? An introduction to the mind from the view points of: neuroscience, anthropology, computer science, psychology, philosophy, and linguistics.

What is Cognitive Science? An introduction to the mind from the view points of: neuroscience, anthropology, computer science, psychology, philosophy, and linguistics. | Bounded Rationality and Beyond |
Cognitive science is partly defined as the study of thought, learning, and mentalorganization, which are all investigable functions of the human brain. Therefore, byunderstanding the principles of the brain, we can take a step forward in holistically knowing whatthe mind is.Neuroscience and ConsciousnessThe brain is comprised of billions of neurons. Neurons are the fundamental cells in thebrain that communicate to perform most bodily functions and higher-level cognitions. The thingthat makes these cells unique is that they are plastic and able to adapt based on the experiencesthey encounter. Scientists' ability to study the connections and specific importances of groups ofneurons across the brain contributes to the understanding of how humans learn, think, andchange.Various behavioral methods like electroencephalography (EEG) and functional magneticresonance imaging (fMRI) allow us to record neural action in the brain during various tasksrelating to cognitive function. By using these techniques, and others, it has been proven that thefrontal lobe of the brain plays a large part in higher-level cognitive functions like analyzinginformation, solving future problems, developing strategies, and controlling purposeful behaviors.This is significant because lower-level primates do not have developed frontal lobes andtherefore are unable to complete these complex actions. This ability to perform higher-levelfunctions, that aren't simply primitive or instinctive responses, is what makes us distinctlyhuman, and ultimately what composes our unique conscious mind.While neuroscience can solve many questions about what it truly means to be aconscious being (like the ability to control instinctive behaviors), it cannot answer them all. Somehuman functions still remain mysterious because neuroscience can't pin down concepts likefree will or behavioral control. In conclusion, the mind is certainly an emergence from the brain,but it isn't necessarily a distinct subject that can be entirely comprehended by science in today’stime.3
No comment yet.
Scooped by Alessandro Cerboni!


Olivier Oullier, a renowned expert in behaviour change and neuroeconomics, explains how research developments in brain sciences and behavioural finance help us comprehend the biases that distort financial and economic decisions and how investors and traders can better understand and cope with such problems.

No comment yet.
Scooped by Alessandro Cerboni!

Behavioural Economics MrK May 2014 on Vimeo

Mr K talks about behavioural economics and the development of knowledge in the human sciences as part of the Theory of Knowledge programme in 2014.
No comment yet.
Scooped by Alessandro Cerboni!

Beyond Brand Tracking: Measuring the Impact of Campaigns in a Multi-Dimensional World on Vimeo

Each year, advertisers spend very large portions of their budgets on promoting their brands via increasingly more integrated marketing campaigns; however, understanding the return on these investments has always been a challenge. 

Constant changes in media, the advance of digital and the plethora of touchpoints that make up potential consumer engagement have simply made the picture more complex. Never before have brands had so many tools at their disposal to engage with consumers, promote their products and interact with their targets. What was once a relatively simple decision in terms of budget allocation and creative optimisation has become an extremely complex puzzle.

System 1 Brand Tracking measures the effectiveness and contribution of each element of a campaign and their impact on brand equity through an innovative approach inspired by the latest advances in behavioural science. Furthermore, it delivers where traditional brand tracking cannot - by revealing the emotionally charged relationship between a consumer and a brand, and delivering key takeaways to foster the emotional bond.

Gabriel Aleixo, Managing Director - LatAm, discusses case studies that demonstrate a more effective approach to brand tracking and measurement of integrated marketing campaigns, and the key driver to brand success - how consumers feel.
No comment yet.
Scooped by Alessandro Cerboni!

Behavioural Economics: From Anecdote to Action on Vimeo

When it comes to making decisions, the fact is we think much less than we think we think! Behavioural Economics has shown that our decisions are guided not by our plans or intentions, but by where we are, the people we’re with and the unconscious forces inside us. Summaries of Behavioural Economics offer a collection of delightful anecdotes, but can leave you wondering how on earth to use it. To make sense of it, join Orlando Wood as he talks through BrainJuicer’s Behavioural Model; learn why it’s so important to make buying your brand fun, fast and easy and how the behavioural sciences can inspire better research and marketing.
No comment yet.
Scooped by Alessandro Cerboni!

Expert violinists can't tell old from new

Expert violinists can't tell old from new | Bounded Rationality and Beyond |

In PNAS, Fritz et al. (1) follow up their groundbreaking 2012 paper with what will probably be the final nail in the coffin for those who would believe that old musical instruments sound demonstrably better than new instruments. Their study used six prized instruments, Stradivari and Guarneri “del Gesu” violins, and six modern violins. World class violinists who were literally blind to provenance (the violinists wore goggles that dramatically reduced their ability to see) were given two opportunities to play them: in a small salon and in a concert hall. They were allowed to bring a friend to act as a second judge. Their task was to rank order the violins in terms of desirability and to label them as old vs. new. These highly trained and highly discerning musicians utterly failed at detecting old vs. new and showed no consistent preferences.

The study balanced rigor with real-world considerations and represents the most ecologically valid conditions possible while maintaining strict experimental protocols. Yet, intriguingly, the participants themselves remained unconvinced, even after having seen the results with their own eyes (or heard them with their own ears). Said one, “the one thing that you cannot put into a new violin is that it’s been played for 300 years—these instruments change and develop.” Said another, “I would absolutely buy a new instrument, but for a later generation. They need to be broken in” (2).

Why is it that musicians and scientists reach different conclusions when considering the same data? This arises in part due to different ways of knowing things. Scientists know what they know through systematic observation of the external world, mediated by replicable experiments and objective measurement. Artists know what they know through emotional experience, subjectivity, and intuition. When they …

No comment yet.
Scooped by Alessandro Cerboni!

Rethinking Economics

Rethinking Economics | Bounded Rationality and Beyond |

We are an international network of students, thinkers and citizens...

...coming together to demystify, diversify, and invigorate economics.

We are thirsty for new ways of thinking. The economics we have been studying does not fit the economy we are living in.

We organise around the world. We are one of the founding members of theInternational Student Initiative for Pluralism in Economics (ISIPE).

Want to get involved? Read our organising aims and principles.

We are a non-partisan group. We are always looking for more organisers and collaborators.

Get involved and sign up to our mailing list!

No comment yet.
Scooped by Alessandro Cerboni!

The Relationship Between Creativity and Mental Illness

The Relationship Between Creativity and Mental Illness | Bounded Rationality and Beyond |

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
No comment yet.
Scooped by Alessandro Cerboni!

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

"It Can't Be A Bubble!" | Zero Hedge | Bounded Rationality and Beyond |
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.
No comment yet.
Scooped by Alessandro Cerboni!

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.

No comment yet.
Scooped by Alessandro Cerboni!

Is One of the Most Popular Psychology Experiments Worthless?

Is One of the Most Popular Psychology Experiments Worthless? | Bounded Rationality and Beyond |
A trolley is careening toward an unsuspecting group of workers. You have the power to derail the trolley onto a track with just one worker. Do you do it? It might not matter. 

"Suppose you're the driver of a trolley car, and your trolley car is hurtling down the track at 60 miles an hour. You notice five workers working on the track. You try to stop, but you can't, because your brakes don't work. You know that if you crash into these five workers, they will all die. You feel helpless until you notice that off to the side, there's a side track. And there's one worker on the side track."

The question: Do you send the trolley onto the side track, thus killing the one worker but sparing the five, or do you let events unfold as they will and allow the deaths of all five? (Most people, for what it's worth, say they would turn.)

Then Sandel asked about a popular variation on the same problem. The same trolley is careening toward unsuspecting innocents, but this time, you're an onlooker on a footbridge, and, "you notice that standing next to you, leaning over the bridge, is a very fat man."

A ripple of laughter rises from the packed auditorium.

"You could give him a shove," he continues. "He would fall over onto the track, right in the way of the trolley car. He would die, but he would spare the five. How many would push the fat man over the bridge?"

A few hands go up, but most of the students just erupt in giggles.

And that's exactly why, some scientists argue, this well-known "trolley dilemma," shouldn't be used for psychology experiments as much as it is.

No comment yet.
Scooped by Alessandro Cerboni!

The Psychology of Risk: The Behavioral Finance Perspective by Victor Ricciardi :: SSRN

The Psychology of Risk: The Behavioral Finance Perspective by Victor Ricciardi :: SSRN | Bounded Rationality and Beyond |

Since the mid-1970s, hundreds of academic studies have been conducted in risk perception-oriented research within the social sciences (e.g., nonfinancial areas) across various branches of learning. The academic foundation pertaining to the "psychological aspects" of risk perception studies in behavioral finance, accounting, and economics developed from the earlier works on risky behaviors and hazardous activities. This research on risky and hazardous situations was based on studies performed at Decision Research (an organization founded in 1976 by Paul Slovic) on risk perception documenting specific behavioral risk characteristics from psychology that can be applied within a financial and investment decision-making context. A notable theme within the risk perception literature is how an investor processes information and the various behavioral finance theories and issues that might influence a person's perception of risk within the judgment process. The different behavioral finance theories and concepts that influence an individual's perception of risk for different types of financial services and investment products are heuristics, overconfidence, prospect theory, loss aversion, representativeness, framing, anchoring, familiarity bias, perceived control, expert knowledge, affect (feelings), and worry.
No comment yet.
Scooped by Alessandro Cerboni!

How Biases Affect Investor Behaviour by H. Kent Baker, Victor Ricciardi :: SSRN

How Biases Affect Investor Behaviour by H. Kent Baker, Victor Ricciardi :: SSRN | Bounded Rationality and Beyond |

Investor behaviour often deviates from logic and reason,

and investors display many behaviour biases that influence

their investment decision-making processes. Below, H.

Kent Baker and Victor Ricciardi describe some common

behavioural biases and suggest how to mitigate them.

"The investor's chief problem – even his worst enemy – is likely

to be himself."

Benjamin Graham


No comment yet.
Scooped by Alessandro Cerboni!

The Precautionary Principle: Fragility and Black Swans from Policy Actions

The Precautionary Principle: Fragility and Black Swans from Policy Actions | Bounded Rationality and Beyond |

Abstract—The precautionary principle (PP) states that if

an action or policy has a suspected risk of causing severe

harm to the public domain (affecting general health or the

environment globally), the action should not be taken in the

absence of scientific near-certainty about its safety. Under

these conditions, the burden of proof about absence of harm

falls on those proposing an action, not those opposing it. PP

is intended to deal with uncertainty and risk in cases where

the absence of evidence and the incompleteness of scientific

knowledge carries profound implications and in the presence of

risks of "black swans", unforeseen and unforeseable events of

extreme consequence. Here we formalize PP, placing it within

the statistical and probabilistic structure of “ruin” problems, in

which a system is at risk of total failure, and in place of risk we

use a formal"fragility" based approach. In these problems, what

appear to be small and reasonable risks accumulate inevitably

to certain irreversible harm. Traditional cost-benefit analyses,

which seek to quantitatively weigh outcomes to determine

the best policy option, do not apply, as outcomes may have

infinite costs. Even high-benefit, high-probability outcomes

do not outweigh the existence of low probability, infinite cost

options—i.e. ruin. Uncertainties result in sensitivity analyses

that are not mathematically well behaved. The PP is increasingly

relevant due to man-made dependencies that propagate impacts

of policies across the globe. In contrast, absent humanity

the biosphere engages in natural experiments due to random

variations with only local impacts. Our analysis makes clear that

the PP is essential for a limited set of contexts and can be used

to justify a limited set of actions. We discuss the implications

for nuclear energy and GMOs. GMOs represent a public risk of

global harm, while harm from nuclear energy is comparatively

limited and better characterized. PP should be used to prescribe

severe limits on GMOs.

No comment yet.
Scooped by Alessandro Cerboni!

A Reinforcement Learning Mechanism Responsible for the Valuation of Free Choice

A Reinforcement Learning Mechanism Responsible for the Valuation of Free Choice | Bounded Rationality and Beyond |

Humans exhibit a preference for options they have freely chosen over equally valued options they have not; however, the neural mechanism that drives this bias and its functional significance have yet to be identified. Here, we propose a model in which choice biases arise due to amplified positive reward prediction errors associated with free choice. Using a novel variant of a probabilistic learning task, we show that choice biases are selective to options that are predominantly associated with positive outcomes. A polymorphism in DARPP-32, a gene linked to dopaminergic striatal plasticity and individual differences in reinforcement learning, was found to predict the effect of choice as a function of value. We propose that these choice biases are the behavioral byproduct of a credit assignment mechanism responsible for ensuring the effective delivery of dopaminergic reinforcement learning signals broadcast to the striatum.

No comment yet.
Scooped by Alessandro Cerboni!

Come il cervello si convince della bontà di una scelta - Le Scienze

Come il cervello si convince della bontà di una scelta - Le Scienze | Bounded Rationality and Beyond |
Quando facciamo una scelta, siamo portati a sopravvalutare i benefici che ne abbiamo ricavato per effetto di uno specifico meccanismo di rinforzo delle connessioni neurali, che avviene in seguito al rilascio del neurotrasmettitore dopamina. Un nuovo studio ha permesso di chiarire che le regioni cerebrali coinvolte in questo fenomeno sono il corpo striato e due diverse porzioni della substantia nigra
No comment yet.
Scooped by Alessandro Cerboni!

Behavioural Economics Channel: Part 1 - Applying BE to the client-agency relationship on Vimeo

A panel of industry experts joined David Wethey to examine how BE can be applied to overcome bottlenecks in client-agency relationships. At the SOCI on Monday 28th February, IPA President, Rory Sutherland introduced David Wethey, BE Think Tank member and Founder of AAI at an exclusive IPA event. Building on the seven key Behavioural Economics principles of 1) loss aversion, 2) the power of NOW, 3) scarcity value, 4) goal dilution, 5) chunking, 6) price perception and 7) choice architecture - David put forward a view on how BE can be applied in the client-agency relationship. In particular he believes that BE can make a critical contribution to decision making in client briefing. He also touched on the potential for Choice Architecture to improve the client-agency relationship in areas like pitching and remuneration.

No comment yet.
Scooped by Alessandro Cerboni!

Time Teasers: Structured Procrastination

Time Teasers: Structured Procrastination | Bounded Rationality and Beyond |
Image credit: Dan Kleinan

A recent article in the New York Times highlighting the oft-overlooked
malady of “precrastination” gives us an opportunity to discuss some of the
downsides of our own intuitions in relation to existing time management

As the article points out, “people appear to be wired to incur a
significant physical cost to eliminate a mental burden.” When applied to
time management, this often results in what Dan Ariely refers to as
“structured procrastination”.

Structured procrastination involves getting little, relatively
insignificant things done, in an attempt to “eliminate a mental burden” --
in this case the burden of having many things on your plate. With a
standard to-do list, we have a long list of potential activities that vie
for our time, and we need to pick and choose which of all these things to
take care of first. Not surprisingly, this leads to us checking off those
things that are quick and easy to finish (and thus give us the joy of
checking them off quicker), as opposed to the things that are difficult but
also likely to be important.

On top of the drive to attend first to the small things (and maybe never
getting to the large ones), we also generally waste a great deal of time on
the maintenance of small tasks -- just writing them down and then ticking
them off of our to-do lists.  This is of course a fantastic way to feel
productive, but it mostly results in putting off the things that we should
really be focusing on: the looming project, the awkward phone call, the
term paper.

Getting mentally demanding tasks done requires solidifying our commitment
to these tasks. Research suggests that simply scheduling things leads to a
much higher rate of completion, which is why we developed Timeful’s smart
suggestions. We think having a proactive calendar that reminds us about
truly important tasks is crucial to developing the behavior that will curb
precrastination and procrastination both.

Here’s Dan on the problem of structured procrastination:
No comment yet.
Scooped by Alessandro Cerboni!

The Report - The Post-Crash Economics Society (PCES) have produced a compelling analysis of the failings in economics education and set out a road map for reform.

The Report - The Post-Crash Economics Society (PCES) have produced a compelling analysis of the failings in economics education and set out a road map for reform. | Bounded Rationality and Beyond |
RELEARNING ECONOMICS: The Post-Crash Economics Society (PCES) have produced a compelling analysis of the failings in economics education and set out a road map for reform. 

“This report addresses a real need, for a more pluralistic and varied approach to the economics curriculum at university level. The mainline of economics from Adam Smith onwards is diverse and often departs from the current mainstream and the way that the subject is taught needs to recognise this. I welcome this contribution to discussion about the way we should explore the living tradition of economic thought and the light it casts on the contemporary world.”

Dr Stephen Davies, Education Director at the Institute of Economic Affairs.

This is a very important Report by the Post-Crash Economics Society. They explore the existing curriculum in careful detail, displaying the narrow theoretical monoculture which characterises not only Manchester’s curriculum but most economics degree courses in the UK and, indeed, the world. They outline what they think the curriculum should be: a programme geared to the problems of the actual economy through history, using the diversity of analyses that have developed through the years. The Report is a landmark: scrupulous, well-informed, passionate, it is required reading for every head of an economics department and highly recommended for everyone interested in the future of economics.

Victoria Chick, Emeritus Professor of Economics at University College London and co-founder of the Post-Keynesian Economics Study Group.

No comment yet.