Tag Search Results: decision making + economics
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  • The Wisdom of the Laity

    By Buttonwood, The Economist Retail investors are more influential than most people think “FOLKS are dumb where I come from,” wrote Irving Berlin in the musical “Annie Get Your Gun”. The song’s condescension towards yokels is reminiscent of professional investors’ disdain for their retail counterparts...
     Posted by: brendah
  • Why Do Investors Make Bad Choices?

    Apr 9, 2014 By Cass R. Sunstein, Bloomberg View For many years, I have studied human behavior, including the mistakes occasionally made by fallible people, including investors. But a few years ago, I made a really dumb investment decision. In a single day, I hit the trifecta, committing at least three...
     Posted by: brendah
  • Food Fighter

    by Nick Paumgarten "Like many who have come before, [John Mackey, CEO of Whole Foods] says that it was only when he started a business--when he had to meet payroll and deal with government red tape--that his political and economic views, fed on readings of Friedman, Rand, and the Austrians, veered...
     Posted by: nick stock
  • The New Interface of Governance

    The New Interface of Governance Frontier / by Nancy Scola "If we can just tweak the way we make choices, we can make smarter ones. A look at Obama’s plans to put the science of human nature to work. For those of us familiar with the strange land that is Washington, DC, it’s tempting to snicker a...
     Posted by: wattawa
  • Poor Decision Making

    This article about economic decision making was written by one of our grant recipients, Sendhil Mullainathan. "All too often, the choices of the poor are viewed as a result of either some intrinsic failing (“they’re just very myopic people”) or some deep psychological feature of poverty (“they’re...
     Posted by: mcavanaugh
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  • Debiasing the Mind Through Meditation: Mindfulness and the Sunk-Cost Bias (2014)

    Abstract: In the research reported here, we investigated the debiasing effect of mindfulness meditation on the sunk-cost bias. We conducted four studies (one correlational and three experimental); the results suggest that increased mindfulness reduces the tendency to allow unrecoverable prior costs to...
    (Something interesting I found) Posted by: brendah
  • A Rational Heuristic Model of Economic Decision-Making (2011)

    By Anna Grandori A conspicuous ‘hole’ lies between the ‘rational-choice’ paradigm and the ‘behavioral decision-making’ paradigm. The ‘missing model’ is ‘heuristic’ (research-based) yet ‘rational’ (non-biasing): a set of methods for the logically sound discovery and design of economic actions, options...
    (Something interesting I found) Posted by: Anna Gomberg
  • The Epistemology of the Financial Crisis: Complexity, Causation, Law, and Judgment (2010)

    The focus on complexity as a problem of the financial meltdown of 2008–2009 suggests that crisis is in part epistemological: we now know enough about financial and economic systems to be threatened by their complexity, but not enough to relieve our fears and anxieties about them. What marks the current...
    (My publication) Posted by: jlipshaw
  • Psychology and development economics (2004)

    In the standard economic model, people are unbounded in their ability to think through problems. Regardless of complexity, they can costlessly figure out the optimal choice. They are also unbounded in their self-control. In contrast to the traditional model, a growing body of research interprets economic...
    (My publication) Posted by: smullainathan
  • Toward a transactional theory of decision making: creative rationality as functional coordination in context (2003)

    This paper poses a Deweyan challenge to both the neoclassical framework of rational choice and models of bounded rationality and deliberation, especially the procedural theory of rationality advanced by Herbert Simon. We demonstrate how modern theories on procedural or instrumental rationality trace...
    (My publication) Posted by: smousavi
  • A Memory-Based Model of Bounded Rationality (2002)

    In order to investigate the impact of limited memory on human behavior, I develop a model of memory grounded in psychological and biological research. I assume that people take their memories as accurate and use them to make inferences. The resulting model predicts both over- and underreaction but provides...
    (My publication) Posted by: smullainathan
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