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NEWS
  • Economics & the Cultivation of Virtue lecture series

    The London School of Economics and Political Science In his 2017 Robbins Lectures, Professor Jeffrey D. Sachs will argue for a new Moral Economics built firmly on the foundations of the new moral sciences. The goal of moral economics is to promote wellbeing. A core principle is the cultivation of individual...
     Posted by: jlmatelski
  • 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
  • Wisdom Really Does Come with Age: Older people's knowledge and experience means they make better decisions

    By Emma Innes, Mail Online Excerpt: Although older people's brains slow down, experience and knowledge more than make up for it - helping them make better financial decisions, a study shows. It is the first time two types of intelligence - fluid and crystallised - have been tested among different...
     Posted by: brendah
  • The Wisdom of Five Empathy Experts at TED

    From Iraq to oxytocin, a round-up of big thoughts from big empathy experts. By Ada Calhoun 1. Sociologist Sam Richards asks if it’s possible to understand the motivations of an Iraqi insurgent? He wonders: Can anyone truly understand and empathize with another? 2. Buddhist roshi Joan Halifax explains...
     Posted by: brendah
  • The Collected Wisdom of Great Leadership Gurus

    By Harvey Schachter The Globe and Mail , 12/1/2010 Lao Tzu, Freud, Elizabeth I, and Marx are an unlikely quartet of leadership gurus. But they are a sample of an eclectic group of writers and leaders whose words are captured in Harvard University professor Barbara Kellerman’s compilation Leadership:...
     Posted by: Anna Gomberg
  • Daniel Kahneman: The Riddle of Experience vs. Memory

    From TED "Using examples from vacations to colonoscopies, Nobel laureate and founder of behavioral economics Daniel Kahneman reveals how our "experiencing selves" and our "remembering selves" perceive happiness differently. This new insight has profound implications for economics...
     Posted by: nick stock
  • 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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PUBLICATIONS
  • Issues and Themes in Moral Economics (2017)

    Abstract: This chapter summarizes the main issues and themes of the book and shows its contributions to the development of moral economics. Zamagni suggests that we can harness market interactions by re-defining the market in a non-individualistic way, as a network of mutually beneficial relations, along...
    (Something interesting I found) Posted by: jlmatelski
  • 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
  • Confidence Mediates How Investment Knowledge Influences Investing Self-Efficacy (2010)

    by James Forbes and S. Murat Kara A comprehensive investment literacy questionnaire surveyed potential sources (viz., knowledge, confidence) of investing self-efficacy in a large sample of working adults. As expected, the effect of investment knowledge on belief in one’s future capability of orchestrating...
    (Something interesting I found) Posted by: wattawa
  • How effectively do people learn from a variety of different opinions? (2009)

    by Andrew Healy This paper presents experimental evidence about how effectively individuals learn from information coming from heterogeneous sources. In the experiment, Thai subjects observed information that came from Americans and from other Thais that they could use to help them answer a series of...
    (Something interesting I found) Posted by: wattawa
  • Viewpoint: The Economics of Hunter-Gatherer Societies and the Evolution of Human Characteristics (2006)

    We argue for attention to the evolutionary origins of economic behavior. Going beyond this, we argue that the economy of hunting and gathering was the context in which evolution shaped human characteristics that underlie modern economic behavior. We first reconsider the basic biological question of why...
    (Something interesting I found) Posted by: brendah
  • 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
  • A Behavioral-Economics View of Poverty (2004)

    Standard theorizing about poverty falls into two camps. Social scientists regard the behaviors of the economically disadvantaged either as calculated adaptations to prevailing circumstances, or as emanating from a unique “culture of poverty,” rife with deviant values. The first camp presumes that people...
    (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
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DISCUSSIONS
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