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The Storrs Lectures: Behavioral Economics and Paternalism by Cass R. Sunstein :: SSRN

The Storrs Lectures: Behavioral Economics and Paternalism by Cass R. Sunstein :: SSRN | Business Development & Strategic Thinking | Scoop.it
Abstract:      
A growing body of evidence demonstrates that in some contexts and for identifiable reasons, people make choices that are not in their interest, even when the stakes are high. Policymakers in a number of nations, including the United States and the United Kingdom, have used the underlying evidence to inform regulatory initiatives and choice architecture in a number of domains. Both the resulting actions and the relevant findings have raised the question whether an understanding of human errors opens greater space for paternalism. Behavioral market failures, which occur as a result of such errors, are an important supplement to the standard account of market failures; if promoting welfare is the guide, then behavioral market failures should be taken into consideration, even if the resulting actions are paternalistic. A general principle of behaviorally informed regulation – its first law – is that the appropriate responses to behavioral market failures usually consist of nudges, generally in the form of disclosure, warnings, and default rules. While some people invoke autonomy as an objection to paternalism, the strongest objections are welfarist in character. Official action may fail to respect heterogeneity, may diminish learning and self-help, may be subject to pressures from self-interested private groups (the problem of “behavioral public choice”), and may reflect the same errors that ordinary people make. The welfarist arguments against paternalism have considerable force, but choice architecture, and sometimes a form of paternalism, are inevitable, and to that extent the welfarist objections cannot get off the ground. Where paternalism is optional, the objections, though reasonable, depend on empirical assumptions that may not hold in identifiable contexts. There are many opportunities for improving human welfare through improved choice architecture. 

 


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Rescooped by Graham Clark from 21st Century Learning and Teaching
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Machine Learning | IBM Big Data & Analytics Hub

Machine Learning | IBM Big Data & Analytics Hub | Business Development & Strategic Thinking | Scoop.it
About The Big Data & Analytics Hub

Brought to you by IBM, the Hub is the home for current content and conversation regarding big data and analytics for the enterprise from thought-leaders, subject matter experts and big data practitioners. 

 

Please take a moment to explore all the Hub has to offer, including:

 

Engaging infographics
 Investigative podcasts
 Thought-provoking blogs
 The latest industry white papers
 Informative videos
 Dynamic SlideShare presentations
 New events (webcasts, conferences and local meetups)

 

Learn more / En savoir plus / Mehr erfahren:

 

https://www.scoop.it/t/21st-century-learning-and-teaching/?&tag=Big+Data...

 

https://www.scoop.it/t/21st-century-learning-and-teaching/?&tag=IBM

 


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Gust MEES's curator insight, January 9, 5:34 PM
About The Big Data & Analytics Hub

Brought to you by IBM, the Hub is the home for current content and conversation regarding big data and analytics for the enterprise from thought-leaders, subject matter experts and big data practitioners. 

 

Please take a moment to explore all the Hub has to offer, including:

 

 

Learn more / En savoir plus / Mehr erfahren:

 

https://www.scoop.it/t/21st-century-learning-and-teaching/?&tag=Big+Data...

 

https://www.scoop.it/t/21st-century-learning-and-teaching/?&tag=IBM

 

 

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Rescooped by Graham Clark from Self-organizing, Systems and Complexity
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Systemic Organization Management - Intelligent Management -

Systemic Organization Management - Intelligent Management - | Business Development & Strategic Thinking | Scoop.it
Thanks to the number of physicists involved directly and indirectly in our firm, the relevance of Network Theory to a systemic approach became evident. The Decalogue methodology that embraced the philosophies and theories of Deming and Goldratt grew to encompass the notion of network as a new organizational design: the network of projects. An organization can be designed as a network of projects with a strategic hub (constraint) and statistical methods can be used to create greater stability among the nodes. Lepore was able to formalize this in 2011 in the book ‘Sechel: Logic, Language and tools to Manage Any Organization as a Network’.  This design equips organizations with the philosophy, method and tools to govern complexity and manage human interdependencies interconnected through projects.

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Rescooped by Graham Clark from Systems Thinking
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How complex systems fail | Richard Irvin Cook

Abstract 
1) Complex systems are intrinsically hazardous systems. All of the interesting systems (e.g. transportation, healthcare, power generation) are inherently and unavoidably hazardous by the own nature. The frequency of hazard exposure can sometimes be changed but the processes involved in the system are themselves intrinsically and irreducibly hazardous. It is the presence of these hazards that drives the creation of defenses against hazard that characterize these systems. 
2) Complex systems are heavily and successfully defended against failure. The high consequences of failure lead over time to the construction of multiple layers of defense against failure. These defenses include obvious technical components (e.g. backup systems, 'safety' features of equipment) and human components (e.g. training, knowledge) but also a variety of organizational, institutional, and regulatory defenses (e.g. policies and procedures, certification, work rules, team training). The effect of these measures is to provide a series of shields that normally divert operations away from accidents. 
3) Catastrophe requires multiple failures – single point failures are not enough.. How complex systems fail (PDF Download Available). Available from: https://www.researchgate.net/publication/228797158_How_complex_systems_fail [accessed Sep 13, 2017].

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Rescooped by Graham Clark from Competitive Edge
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Tesla Shows How Traditional Business Metrics Are Outdated

Tesla Shows How Traditional Business Metrics Are Outdated | Business Development & Strategic Thinking | Scoop.it

Elon Musk is having a moment. Tesla just delivered its first Model 3, the affordable model that he envisioned in his “secret” strategy some 11 years ago. He wanted to build a sports car, then build a more affordable car with zero emissions. He’s basically already there. The Model 3 has mostly rave reviews and a multiyear waiting list, which is quite a feat, even for an industry leader like Musk.

And yet confusion still abounds regarding Tesla. There are roughly the same number of buy, hold, and sell ratings on the company, which means Wall Street has no idea what’s going on. Tesla’s recent announcement to raise $1.5 billion in debtwas largely met with a yawn by stockholders, as shares moved down a slight 0.5%. Tesla’s ability to surprise has analysts wondering if it is wise to ever bet against Elon Musk.

At the core of the confusion over a company like Tesla is that traditional business metrics are outdated and can create overconfidence or underestimation. Classic metrics like market penetration and market share, which many leaders are measured on, are the very things causing us to miss market opportunities and threats. I consider someone like Musk to be acategory creator — someone who doesn’t rely on incremental innovation but instead changes the rules of the road entirely by creating a new category. In that landscape, our established modes of measurement just don’t work. Read more:click image or title.

 

FREE Business Plan Template here: http://bit.l/1aKy7km

Growthink teaches how to FUND, build, grow, and sell a great business: http://bit.ly/2hn5ROb


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Marc Kneepkens's curator insight, August 9, 2017 2:37 PM

Real innovation also brings new business #metrics. #Tesla shows the way.

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Rescooped by Graham Clark from Self-organizing, Systems and Complexity
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How to Create the System Thinking Diagrams

How to Create the System Thinking Diagrams | Business Development & Strategic Thinking | Scoop.it
The systems thinking diagrams help us to understand complex systems and problems. Here is a step-by-step guide to create them.

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How To Successfully Validate Your Business Idea So It Changes Your Life Forever

How To Successfully Validate Your Business Idea So It Changes Your Life Forever | Business Development & Strategic Thinking | Scoop.it
No one ever starts a business thinking it will fail, so learn how to successfully validate your business idea so it changes your life forever.

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Rescooped by Graham Clark from Positive futures
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Confirmation Bias: Why You Should Seek Out Disconfirming Evidence

Confirmation Bias: Why You Should Seek Out Disconfirming Evidence | Business Development & Strategic Thinking | Scoop.it
In The Case for Motivated Reasoning, Ziva Kunda wrote “we give special weight to information that allows us to come to the conclusion we want to reach.” Accepting information which confirms our beliefs is easy and requires little mental energy. Yet contradicting information causes us to shy away, grasping for a reason to discard it.

In The Little Book of Stupidity, Sia Mohajer wrote:

The confirmation bias is so fundamental to your development and your reality that you might not even realize it is happening. We look for evidence that supports our beliefs and opinions about the world but excludes those that run contrary to our own… In an attempt to simplify the world and make it conform to our expectations, we have been blessed with the gift of cognitive biases.

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David Hain's curator insight, May 30, 2017 11:50 AM

Confirmation bias distorts our judgement, as this poem by Shannon L. Adler illustrates:

Read it with sorrow and you will feel hate.
Read it with anger and you will feel vengeful.
Read it with paranoia and you will feel confusion.
Read it with empathy and you will feel compassion.
Read it with love and you will feel flattery.
Read it with hope and you will feel positive.
Read it with humor and you will feel joy.
Read it without bias and you will feel peace.
Do not read it at all and you will not feel a thing.

 

HT to the excellent Farnham Street blog - but, then, I'm probably biased!

Ian Berry's curator insight, May 31, 2017 7:56 PM
Love this article and the refs. I'm contrarian by nature. I surround myself with people who will disagree with me and push back when I show bias
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The End of Corporate Culture as We Know It

The End of Corporate Culture as We Know It | Business Development & Strategic Thinking | Scoop.it
In the age of networked enterprise, strong cultures may turn from assets to liabilities.

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Why Blockchain May Be Your Next Supply Chain

Why Blockchain May Be Your Next Supply Chain | Business Development & Strategic Thinking | Scoop.it
The chains that bind us: blockchain may finally open up global supply chains to all, and add speed and intelligence along the way. But obstacles need to be addressed first.

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Four Key Blockchain Use Cases for Banks: FinTech Network Report. #investorseurope #blockchain 

Four Key Blockchain Use Cases for Banks: FinTech Network Report. #investorseurope #blockchain  | Business Development & Strategic Thinking | Scoop.it
The U.K.-based FinTech Network published a whitepaper in cooperation with BNY Mellon and Rabobank, outlining four use cases for blockchain technology.

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AGNES-SENGA TUPPER's curator insight, April 3, 2017 6:27 PM

"The U.K.-based FinTech Networkpublished a whitepaper in cooperation with BNY Mellon and Rabobank, outlining four use cases for blockchain technology in banking."

Rescooped by Graham Clark from Crisis, collapse and transition
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Gartner's Top 10 Strategic Technology Trends for 2017

Gartner's Top 10 Strategic Technology Trends for 2017 | Business Development & Strategic Thinking | Scoop.it
Artificial intelligence, machine learning, and smart things promise an intelligent future.

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7 Compelling Reasons for Change Management Deployment

7 Compelling Reasons for Change Management Deployment | Business Development & Strategic Thinking | Scoop.it
A sample of over 200 business leaders and change managers attending a webinar on Enterprise Change Management provided their articulation of the ECM Value Proposition by completing the following statement:

 

"We, as an organization, should work to embed change management and build organizational capabilities and competencies because..."
 

Their responses fell into seven main themes:

Driving more successful change - Data and experience show that effective change management drives greater benefit realization and achievement of results and outcomes. Building change management capabilities means greater success on critical projects and initiatives.
Handling the amount of change occurring - Given the amount of and frequency of change occurring in organizations today, becoming better at implementing change is essential.
Addressing the costs of poorly managed change - Many organizations have examples, or even a legacy, of changes that were poorly managed, did not deliver results and created stress and confusion in the organization. Under-delivering on change is not tolerable going forward.
Aligning organizational practice with organizational values - This case is particularly relevant for organizations that espouse the importance and value of their people.
Preparing the organization for the future - The horizon for many organizations, and even industries, includes significant changes that are necessary to remain competitive and successful.
Creating consistency and efficiencies in approach - Change management practices across an organization can be more effective when there is a standard approach in place.
Building needed internal capabilities - Change management is viewed as an essential organizational capability and individual competency for employees.
Below are real responses from webinar attendees for each of the themes, along with complimentary data and findings from Prosci's benchmarking research:

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David Hain's curator insight, March 16, 2017 10:23 AM

Where change management is at, from organisational practitioners...

Rescooped by Graham Clark from Organisation Development
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Cultural Intelligence Capabilities for Teams & Leaders

Cultural Intelligence Capabilities for Teams & Leaders | Business Development & Strategic Thinking | Scoop.it
Diagnosing cultural issues often starts with discovery – understanding more about your company culture, and the geographic culture of the areas you are working in. Once you have understood this macro-view, it is time to dig into the specific ways of working that are either supporting, or at odds with, the prevailing culture. This is a typical sore spot that can be instantly addressed to create buy-in for a wider examination of cultural intelligence across the business.

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David Hain's curator insight, March 3, 2017 4:57 AM

'It's the culture' - how often have we heard that? So it's worth getting beneath the surface of what that means...

Rescooped by Graham Clark from Strategy, HR, Data and AI
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The AI Cheat Sheet - Disruption Hub

The AI Cheat Sheet - Disruption Hub | Business Development & Strategic Thinking | Scoop.it
Explaining Artificial Intelligence As the ability and influence of Artificial Intelligence grows, so does its associated vocabulary. Due to AI’s sheer complexity, it’s becoming more and more important to understand the language used to describe it. Now, there are different types of AI itself. But what do developers and technologists really mean when they use …

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Rescooped by Graham Clark from Growth Insights from Growth Engine Labs
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Startups are cheaper to build, but more expensive to grow - here's why

Startups are cheaper to build, but more expensive to grow - here's why | Business Development & Strategic Thinking | Scoop.it
Startups should be getting cheaper to build. After all, the industry’s created several waves of innovation that’s supporting this across multiple layers in the stack: Open source software instead of paid developer tools AWS instead of your own datacenter Per-click ads instead of Superbowl commercials Off-the-shelf SaaS tools versus building your own App stores for efficient …

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#Glint is a stealthy London fintech startup that promises to turn gold into a ‘new global currency’ 

#Glint is a stealthy London fintech startup that promises to turn gold into a ‘new global currency’  | Business Development & Strategic Thinking | Scoop.it
Glint, a stealthy London fintech startup that promises a new "global currency," has raised £3.1 million from a plethora of individual backers in the..

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Enos Senior's curator insight, August 13, 2017 3:47 PM

"The Glint website describes the startup as “a new global currency, account and app” and says it will make your money “reliable and independent” and give you more control in the way you “store, spend, exchange and transfer money”. If that all sounds a bit vague — aside from alluding to a new (and more) stable currency tied to a payments app — it’s probably intended to be. The company isn’t pegged to launch until the last quarter of this year."

Rescooped by Graham Clark from Strategy, HR, Data and AI
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Innovation Is as Much About Finding Partners as Building Products

Innovation Is as Much About Finding Partners as Building Products | Business Development & Strategic Thinking | Scoop.it
We believe that there’s a better way that can yield radical results — not just the short-term, quarter-to-quarter kind. Based on our work with CEOs from large companies, startup founders and venture capitalists (VCs) around the world, we find that collaboration now trumps acquisitions or build-it-from-scratch startups — not just an exchange of money, or the traditional “equity investment,” but a real exchange of ideas and means, and the vision to achieve distinct goals. To revolutionize old industries, small and big companies alike must get past competitive angst and embrace their strengths and weaknesses. Such collaboration can take many shapes. These are new, unique partnership models in which corporations bring assets, the ability to rapidly test and scale, and a deep understanding of the regulatory landscape. Startups inject new technical expertise, and venture capitalists offer funding and access to new talent.

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Rescooped by Graham Clark from Success Leadership
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When nudging staff pushes them to do more

When  nudging staff pushes them to do more | Business Development & Strategic Thinking | Scoop.it
Is using behavioural science to get staff to do more encouragement or manipulation?

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Jillian Schaibly's curator insight, July 28, 2017 9:47 PM
This article talks about encouraging staff to do better. It talks about the staff of Uber, but the concept can be translated into education as well. Administrators need to encourage staff to do their best. If the administrator is up beat, sets goals and shows staff there best, usually people will jump on the wagon.
Rescooped by Graham Clark from Bounded Rationality and Beyond
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Nudge management: applying behavioural science to increase knowledge worker productivity

Nudge management: applying behavioural science to increase knowledge worker productivity | Business Development & Strategic Thinking | Scoop.it
Knowledge worker productivity is essential for competitive strength in the digital century. Small interventions based on insights from behavioural science makes it possible for knowledge workers to be

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Rescooped by Graham Clark from Bitcoin, Blockchain & Cryptocurrency News
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BBVA Taps Blockchain to Make International Payments in Seconds

BBVA Taps Blockchain to Make International Payments in Seconds | Business Development & Strategic Thinking | Scoop.it
Blockchain may finally be moving out of the lab and into the marketplace.

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Jan Miranda's curator insight, April 25, 2017 1:28 AM
Banco Bilbao Vizcaya Argentaria SA, Spain’s No. 2 lender, has executed its first cross-border payments through a system called Ripple which is a blockchain protocol similar to bitcoin.

Ripple lets companies track their payments like a FedEx package and see precisely how much it will cost to complete the transfer. The current banking method, which relies on the 40-year-old Swift messaging system, is incapable of providing either of these services.
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The Simplex Process: A Robust Creative Problem Solving Process

The Simplex Process: A Robust Creative Problem Solving Process | Business Development & Strategic Thinking | Scoop.it
This powerful step-by-step process helps you identify and solve problems robustly and creatively.

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Dennis Swender's curator insight, April 19, 2017 11:22 AM
In addition to helping address business problems, this process provides a synthesis for more comprehensive and accurate educational research.
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An Islamic fintech firm has become the first to get UK regulatory approval

An Islamic fintech firm has become the first to get UK regulatory approval | Business Development & Strategic Thinking | Scoop.it
A London-based Islamic financial technology start-up has become the first company of its kind to be given regulatory approval in the UK, as Britain seeks to position itself as a hub for both fintech and Islamic finance.

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One page visual summary of the Theory of Constraints | @toddaclarke

One page visual summary of the Theory of Constraints | @toddaclarke | Business Development & Strategic Thinking | Scoop.it

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The Firm of the Future - Bain & Company Insights

The Firm of the Future - Bain & Company Insights | Business Development & Strategic Thinking | Scoop.it
We are nearing the end of an era in the world of business. Explore what the next generation of successful companies will look like.

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