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Legal Theory Blog: Hill on Behavioral Law & Economics & a Theory of Human Nature

Legal Theory Blog: Hill on Behavioral Law & Economics & a Theory of Human Nature | Bounded Rationality and Beyond | Scoop.it
Law and economics embeds a theory - that people are rational maximizers of their self-interest. Law and economics admits its theory is unrealistic; it touts instead its theory’s ability to predict.
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Bounded Rationality and Beyond
News on the effects of bounded rationality in economics and business, relationships and politics
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Cannabis reverses aging processes in the brain, study suggests: Researchers restore the memory performance of Methuselah mice to a juvenile stage

Cannabis reverses aging processes in the brain, study suggests: Researchers restore the memory performance of Methuselah mice to a juvenile stage | Bounded Rationality and Beyond | Scoop.it
Memory performance decreases with increasing age. Cannabis can reverse these ageing processes in the brain. This was shown in mice by scientists at the University of Bonn with their colleagues at The Hebrew University of Jerusalem (Israel). Old animals were able to regress to the state of two-month-old mice with a prolonged low-dose treatment with a cannabis active ingredient. This opens up new options, for instance, when it comes to treating dementia.
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Brain images reveal roots of kids' increasing cognitive control

Brain images reveal roots of kids' increasing cognitive control | Bounded Rationality and Beyond | Scoop.it
As children age into adolescence and on into young adulthood, they show dramatic improvements in their ability to control impulses, stay organized, and make decisions. Those 'executive functions' of the brain are key factors in determining outcomes, including educational success, drug use, and psychiatric illness. Now, researchers have mapped the changes in the network organization of the brain that underlie those improvements in executive function.
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The problem with preferences – Koen Smets – Medium

The problem with preferences – Koen Smets – Medium | Bounded Rationality and Beyond | Scoop.it

A cynic, Oscar Wilde wrote in his play Lady Windermere’s Fan, is “a man knows the price of everything, and the value of nothing”. The problem with preferences Can an objective measure like money help determine what we really, really want? Acynic, Oscar Wilde wrote in his play Lady Windermere’s Fan, is “a man knows the price of everything, and the value of nothing”. This suggests that price and value are two different concepts, which apparently corresponds well with what we see around us. We generally don’t pay our hosts when we’re invited to a dinner party, but we take a gift. Neither the cost of the ingredients nor the price of the gift are particularly material here. We normally don’t ask friends to contribute to the cost of running our car when give them a lift. Behavioural economics too seems to fit this perspective. One of its findings is that people appear to behave differently depending on whether they believe themselves to be in the market domain (where prices are essential) or in the social domain (where they don’t figure at all). An often quoted example is that of the Haifa daycare centre featuring in Uri Gneezy and Aldo Rusticini’s paper “A fine is a price”. Most parents habitually picked up their offspring before the stated closing time of the centre. They did so without any external incentive: social norms (and quite likely avoidance of guilt) were enough — but not for all of them. When a fine was introduced for picking up one’s child late, however, the number of parents who did so went up. They saw what was intended as a fine (a social intervention) as if it were a price (a market instrument), and simply ‘bought’ extra childcare time.h…

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Handbook of Behavioural Economics and Smart Decision-Making

This Handbook is a unique and original contribution of over thirty chapters on behavioural economics, examining and addressing an important stream of research where the starting assumption is that decision-makers are for the most part relatively smart or rational. This particular approach is in contrast to a theme running through much contemporary work where individuals’…
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On the Horizon: A Magnetic Zap that Strengthens Memory

On the Horizon: A Magnetic Zap that Strengthens Memory | Bounded Rationality and Beyond | Scoop.it

Imagine you are enjoying your golden years, driving to your daily appointment for some painless brain zapping that is helping to stave off memory loss. That's the hope of a new study, in which people who learned associations (such as a random word and an image) after transcranial magnetic stimulation (TMS) were better able to learn more pairings days and weeks later—with no further stimulation needed. TMS uses a magnetic coil placed on the head to increase electrical signaling a few centimeters into the brain. Past studies have found that TMS can boost cognition and memory during stimulation, but this is the first to show that such gains can last even after the TMS regimen is completed. In the new study, which was published in Science, neuroscientists first used brain imaging to identify the associative memory network of 16 young, healthy participants. This network, based around the hippocampus, glues together things such as sights, places, sounds and time to form a memory, explains neuroscientist Joel Voss of Northwestern University, a senior author of the paper.

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Yes, science shows creative people are more likely to be crazy - Barking Up The Wrong Tree

Yes, science shows creative people are more likely to be crazy - Barking Up The Wrong Tree | Bounded Rationality and Beyond | Scoop.it

 In studies of deceased writers— based on their letters, medical records, and published biographies— and in studies of talented living writers, mental illness is prevalent. For example, fiction writers are fully ten times more likely to be bipolar than the general population, and poets are an amazing forty times more likely to struggle with the disorder. Based on statistics like these, psychologist Daniel Nettle writes, “It is hard to avoid the conclusion that most of the canon of Western culture was produced by people with a touch of madness.” Essayist Brooke Allen does Nettle one better: “The Western literary tradition, it seems, has been dominated by a sorry collection of alcoholics, compulsive gamblers, manic-depressives, sexual predators, and various unfortunate combinations of two, three, or even all of the above.” In psychiatrist Arnold Ludwig’s massive study of mental illness and creativity, The Price of Greatness, he found an 87 percent rate of psychiatric disorders in eminent poets and a 77 percent rate in eminent fiction writers— far higher than the rates he found among high achievers in nonartistic fields such as business, science, politics, and the military. Even college students who sign up for poetry-writing seminars have more bipolar traits than college students generally. Creative writers are also at increased risk of unipolar depression and are more likely to suffer from psychoses such as schizophrenia. It is, therefore, not surprising that eminent writers are also much more likely to abuse alcohol and drugs, spend time in psychiatric hospitals, and kill themselves.Everything you need to know about Yes, science shows creative people are more likely to be crani.

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Sully (2016) e il decision making in situazioni di rischio: il volo US Airways 1549

Sully (2016) e il decision making in situazioni di rischio: il volo US Airways 1549 | Bounded Rationality and Beyond | Scoop.it

Euristica, intuizione esperta o fortuna? Nel miracolo sull’Hudson quali sono stati i fattori che hanno portato il comandante Sully a fare la scelta giusta?

Oche canadesi: tanto è bastato per lasciare in grossi guai il comandante Chesley Sullenberger, Sully, che si è ritrovato sui cieli di New York con un Airbus a motori spenti e 155 persone da riportare a terra. Il lieto fine del volo US Airways 1549 è ormai storia, a questo punto possiamo chiederci quali sono i processi che hanno portato il comandante a prendere la decisione giusta in così poco tempo.

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Perché le aziende hanno bisogno di storie? – Performance Strategies

Perché le aziende hanno bisogno di storie? – Performance Strategies | Bounded Rationality and Beyond | Scoop.it
Come le storie possono far vendere i prodotti: lo storytelling per le aziende. Annamaria Testa parla del potere del racconto e della lettura.
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Is Consciousness Fractal? - Issue 47: Consciousness - Nautilus

Is Consciousness Fractal? - Issue 47: Consciousness - Nautilus | Bounded Rationality and Beyond | Scoop.it

When the reclusive artist poured paint from cans onto vast canvases laid out across the floor of his barn in the late 1940s and early 1950s, he created splatters of paint that seemed completely random. Some interpretations saw them as a statement about the futility of World War II, others as a commentary on art as experience rather than representation. As Pollock refined his technique over the years, critics became increasingly receptive to his work, launching him into the public eye. “We have a deliberate disorder of hypothetical hidden orders,” one critic wrote, “or ‘multiple labyrinths.’ ”

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Utilizzare il Neuromarketing per creare engagement

Utilizzare il Neuromarketing per creare engagement | Bounded Rationality and Beyond | Scoop.it

Utilizzare il Neuromarketing per creare engagement? è semplice!

Il neuromarketing come cita Wikipedia "è una branca di riferimento delle cosiddette "neuroeconomie" e indica una recente disciplina volta all'individuazione di canali di comunicazione più diretti ai processi decisionali d'acquisto, mediante l'utilizzo di metodologie legate alle scoperte delle Neuroscienze. È una disciplina che fonde il marketing tradizionale (economia) con neurologia (medicina) e psicologia (scienze comportamentali) e si prefigge di illustrare ciò che accade nel cervello delle persone in risposta ad alcuni stimoli relativi a prodotti, marche o pubblicità con l'obiettivo di determinare le strategie che spingono all'acquisto"

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Conspiracy Theories: Why Everybody Loves Them

Conspiracy Theories: Why Everybody Loves Them | Bounded Rationality and Beyond | Scoop.it

And why conspiracy theories create serious problems—in the markets and in politics.I know an investor who anthropomorphizes the stock market, as if the Dow were a living beast. “Wouldn’t it be just like the market to draw us in with a rally, then deliver a sucker punch?” he will say, as if “the market” were a canny three-card monte player, entrapping tourists in Times Square. Irrational as that may sound, it’s no more so than the ever-popular investing method known as “technical analysis.” This is a branch of astrology—­chart ­interpretation—that purportedly “reads” the market, even though it tells you nothing about the under­ lying companies. You see a chart of zigs and zags and impute to it a story—the market is “exhausted,” or “bottoming,” or whatever. Many investors are addicted to such fruitless techniques. Behavioral economics, which studies the impact of psychology on financial decision-making, explains why. It reflects what author Nassim Nicholas Taleb called the “narrative fallacy.” It’s the human tendency, actually the human need, to impose order on random events and to make events we didn’t anticipate seem “predictable” after the fact.

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Conflict Resolution

Conflict Resolution | Bounded Rationality and Beyond | Scoop.it

This interactive and highly engaging on-line program teaches how to analyse the details of a conflict in a fair and non-provocative way, and find win-win solutions for all parties involved, using a simple, logical and practical TOC (Theory of Constraints) thinking tool. The program includes a range of case studies and practical exercises. A comprehensive workbook will be provided to all participants. Learn to systematically solve conflicts, win win conflict resolution, conflict cloud, 

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Subconscious bias and the battle for justice

Subconscious bias and the battle for justice | Bounded Rationality and Beyond | Scoop.it

The bias blind spot On close examination, a widespread and fundamental assumption of American life — that our justice system is truly just — threatens to fall apart. Bias runs like a jagged scar through the legal decision-making of the United States, from the nation's beginnings to present day. For census-taking purposes, authors of the foundational document of our legal system, the U.S. Constitution, deemed slaves to be merely three-fifths of a human being. And 228 years later, in August 2016, a Department of Justice investigation in the aftermath of the Freddie Gray police shooting in Baltimore revealed official policies allowing unconstitutional stops, searches, arrests and other activity by that city's police department. These examples of overt bias, institutionalized and unjust, are conspicuous — and notorious. Roberts and Curcio, however, choose to work at a personal level to raise awareness of how subconscious bias can affect client relationships, influence courtroom decisions and shape laws. Why does it matter? By logic, when the legal system can address bias at its base, at the personal level, justice will more often prevail. Lawyers will become better advocates for their clients. Judges will uniquely consider each and every courtroom decision on its own merit. Prejudicial laws will appear less often on the books. Read more at: https://phys.org/news/2017-04-subconscious-bias-justice.html#jCp

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Can omega-3 help prevent Alzheimer's disease? Brain SPECT imaging shows possible link: Neuroimaging shows increased blood flow in regions of the brain associated with memory and learning for people...

Can omega-3 help prevent Alzheimer's disease? Brain SPECT imaging shows possible link: Neuroimaging shows increased blood flow in regions of the brain associated with memory and learning for people... | Bounded Rationality and Beyond | Scoop.it
The incidence of Alzheimer's disease is expected to triple in the coming decades and no cure has been found. Recently, interest in dietary approaches for prevention of cognitive decline has increased. In particular, the omega-3 fatty acids have shown anti-amyloid, anti-tau and anti-inflammatory actions in the brains of animals.
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Dimensioni superiori Markus Ruppert e Hans-Georg Weigand

Alla ricerca della dimensione succes- siva Il nostro mondo ha davvero più di tre dimen- sioni? Se è così, gli oggetti in una dimensio- ne superiore hanno una relazione con il mon- do intorno a noi? È possibile percepire questi oggetti o sono lontani da una qualunque rap- presentazione? La Teoria della Relatività usa quattro dimensioni per spiegare il concetto di spazio-tempo, sei dimensioni sono necessarie per descrivere la curvatura dello spazio-tempo e diverse teorie delle stringhe usano persino rappresentazioni fino a 26 dimensioni (e.g. L. Botelho, R.Botelho, 1999). Un altro dominio attuale di applicazione per oggetti in dimensione superio- re e per le loro rappresentazioni tridimensionali è lo studio delle struttu- re non-periodiche nella cristallografia moderna. All’interno del concetto dei quasicristalli si suppone che le proiezioni di insiemi di punti di dimensione superiore (come il lattice intero in dimensione 5) nello spazio tridimensionale siano buoni modelli per strutture cristalline non-periodiche (si veda, sotto, la sezione 5).

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Why predicting the future is more than just horseplay

Why predicting the future is more than just horseplay | Bounded Rationality and Beyond | Scoop.it

The science of prediction lies at the heart of the modern world, but attempts to forecast even the most straightforward systems often confound scientists, while complex systems sometimes reveal themselves to surprisingly predictable.Three years out of a PhD in physics in 1953, John Kelly Jr. published a breakthrough paper about insider information in horse racing in an unlikely place: the Bell Labs Technical Journal. By the time it was in print, the paper's title had been scrubbed of its references to gambling – the AT&T executives didn't care for Bell Labs to be so directly associated with horse racing – but the content remained. Dr. Kelly had not just cracked the mathematics underlying a type of gambling, but he had also revealed deeper patterns about the nature of prediction. When the odds posted by the track are different from the odds determined using insider information, Kelly's formula explains how to take those differences and place the best bets possible, mathematically speaking. The formula is powerful in its simplicity. It tells us to put money on every horse for which we have an informational or statistical edge, and then calculates exactly what fraction of our bankroll to bet on each horse, depending on the strength of that edge. While this basic idea had long been known – the larger the difference in the track odds and the real odds, the bigger the opportunity for the gambler – Kelly quietly revolutionized the practice of prediction by writing down the optimal exchange rate between knowing something that others do not and the benefits of that knowledge.

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Nassim Taleb on the Importance of Probability

Nassim Taleb on the Importance of Probability | Bounded Rationality and Beyond | Scoop.it
Nassim Taleb, distinguished scientific advisor at Universa Investments and New York University professor of risk engineering, discusses why probability in the markets is important. He speaks with Erik Schatzker from the SALT Conference in Las Vegas, Nevada on "Bloomberg Markets." (Source: Bloomberg)
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Mondi intrusivi – Luigi D'Elia Psicologo Psicoterapeuta

Mondi intrusivi – Luigi D'Elia Psicologo Psicoterapeuta | Bounded Rationality and Beyond | Scoop.it

Come cambia il concetto di libertà?
https://t.co/VZea9KOuaQ https://t.co/W5EwksWMq0

Ma stanno proprio così le cose? È sempre vero che l’ampliamento della conoscenza apporti sempre maggiore consapevolezza e “coscienza”? È sempre vero che la scoperta dell’antidoto riduca la diffusione e la perniciosità del veleno? Oppure anche questa storia dell’andamento progressivo delle conoscenze è una vuota ed indimostrata credenza?

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Stanford to host 100-year study on artificial intelligence

Stanford to host 100-year study on artificial intelligence | Bounded Rationality and Beyond | Scoop.it

Stanford University will lead a 100-year effort to study the long-term implications of artificial intelligence in all aspects of life.Stanford University has invited leading thinkers from several institutions to begin a 100-year effort to study and anticipate how the effects of artificial intelligence will ripple through every aspect of how people work, live and play. This effort, called the One Hundred Year Study on Artificial Intelligence, or AI100, is the brainchild of computer scientist and Stanford alumnus Eric Horvitz, who, among other credits, is a former president of the Association for the Advancement of Artificial Intelligence.

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Musica e cervello. Cosa accade nella testa dei musicisti?

Musica e cervello.  Cosa accade nella testa dei musicisti? | Bounded Rationality and Beyond | Scoop.it

Quando nasce la competenza musicale? Un feto risponde ai suoni e ai rumori a partire dal secondo trimestre della gravidanza e un neonato è capace di riconoscere la voce della propria madre. Uno studio del 2010 condotto da Daniela Perani e collaboratori, ha dimostrato il coinvolgimento dell’emisfero destro nell’elaborazione della musica fin dalla nascita e dunque una specializzazione emisferica per i suoni. La risonanza magnetica durante la presentazione di brani di musica occidentale ha analizzato l’attività del cervello dei neonati con 24÷48 ore di vita, quando l’esperienza uditiva alla musica è ancora minima o nulla: la musica di Mozart, Schubert, Chopin, attiva un circuito a livello dell’emisfero destro come negli adulti esposti da tempo alla musica. I risultati indicano anche che i neonati sono sensibili ai cambiamenti di intonazione e ritmo, armonie e dissonanze, variazioni di ritmo, timbro e tempo.

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Il comportamento di voto - Psicologia politica | Benessere.com

Il comportamento di voto - Psicologia politica | Benessere.com | Bounded Rationality and Beyond | Scoop.it
Il voto politico è una importante tradizione per cui l’umanità ha lottato al prezzo di lunghi e duri sacrifici e che, tuttavia, sempre più spesso oggi vede crescere la rinuncia ad esso ed alla connessa possibilità di esprimere il proprio pensiero.
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Che cos’è il Neuromarketing e come sta cambiando il mondo digitale

Che cos’è il Neuromarketing e come sta cambiando il mondo digitale | Bounded Rationality and Beyond | Scoop.it

Il NeuroMarketing è una disciplina relativamente nuova, che vede la sua nascita nel 2002 grazie ad Ale Smidts, professore di Marketing Research alla Rotterdam School of Management. Il termine stesso identifica l’unione di più aree scientifiche, una branca della neuroeconomia che attraverso le tecnologie neuroscientifiche e punta ad analizzare i processi decisionali degli individui messi di fronte ad un particolare stimolo. Neurologia, psicologia e marketing si fondono in una disciplina capace di individuare e monitorare cosa accade nel cervello delle persone durante l’esperienza d’acquisto o l’approccio con un particolare prodotto, brand, pubblicità e parole, con l’obiettivo ultimo di ottimizzare le strategie di marketing.

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The Kekulé Problem - Issue 47: Consciousness - Nautilus

The Kekulé Problem - Issue 47: Consciousness - Nautilus | Bounded Rationality and Beyond | Scoop.it

Cormac McCarthy is best known to the world as a writer of novels. These include Blood Meridian, All the Pretty Horses, No Country for Old Men, and The Road. At the Santa Fe Institute (SFI) he is a research colleague and thought of in complementary terms. An aficionado on subjects ranging from the history of mathematics, philosophical arguments relating to the status of quantum mechanics as a causal theory, comparative evidence bearing on non-human intelligence, and the nature of the conscious and unconscious mind. At SFI we have been searching for the expression of these scientific interests in his novels and we maintain a furtive tally of their covert manifestations and demonstrations in his prose. …

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Linear Thinking in a Nonlinear World

Linear Thinking in a Nonlinear World | Bounded Rationality and Beyond | Scoop.it

The obvious choice is often wrong.Test yourself with this word problem: Imagine you’re responsible for your company’s car fleet. You manage two models, an SUV that gets 10 miles to the gallon and a sedan that gets 20. The fleet has equal numbers of each, and all the cars travel 10,000 miles a year. You have enough capital to replace one model with more-fuel-efficient vehicles to lower operational costs and help meet sustainability goals. Which upgrade is better? A. Replacing the 10 MPG vehicles with 20 MPG vehicles B. Replacing the 20 MPG vehicles with 50 MPG vehicles Intuitively, option B seems more impressive—an increase of 30 MPG is a lot larger than a 10 MPG one. And the percentage increase is greater, too. But B is not the better deal. In fact, it’s not even close. Let’s compare.

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The power of systems thinking

The power of systems thinking | Bounded Rationality and Beyond | Scoop.it

How can systems thinking help in day-to-day problem solving? There was an office building in New York, where tenants were complaining about long elevator waiting times. Occupants complained about the poor elevator service at peak hours, and its excessively long wait time. Several of the tenants event threatened to break their leases and move out of the building because of this. A study was conducted to identify a suitable solution. The study revealed that because of the age of the building, no engineering solution could be economically justified and that the tenants would just have to live with the problem. The desperate building manager called a meeting with his staff. On his team was a recent graduate in psychology, who could see the problem from a different perspective than the engineers. He didn’t focus on the elevator performance, but instead on the fact that people complained about waiting. The actual waiting time was only a few minutes, so why did people still complain? He concluded that the complaints were a consequence of boredom, not necessarily elevator performance. Therefore, he suggested giving those waiting something to occupy their time with. One suggestion was to install mirrors in the elevator lobby areas so that those waiting could look at each other and/or themselves. The manager tried this low cost solution and the complaints stopped. Today, mirrors in elevator lobbies and even on elevators in tall buildings are a very common sight.

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