"The urge to do everything faster and better is risky. Far wiser to do what’s good enough for the range of possible futures"
https://psyche.co/ideas/why-efficiency-is-dangerous-and-slowing-down-makes-life-better
#BoundedRationality #satisficing #efficiency
More hashtags for better discovery:
#LaborEcon #LaborEconomics #IndustrialRelations #Wages #work #ExperimentalEcon #ExperimentalEconomics #BehavioralEcononomics #CognitiveEconomics #EconomicPsychology #IndustrialOrganization #GameTheory #Microeconomics #Econometrics #SocialNorms #SocialPreferences #Reciprocity #BoundedRationality #heterogeneity
http://pietroortoleva.com/papers/WTA-P.pdf
3 new facts that contradict standard theories:
* the endowment effect is unrelated to #LossAversion for risky prospects;
* WTA & WTP are largely uncorrelated;
* WTA & WTP are related to different, independent features of risk preferences.
…results contradict the standard explanation of the #EndowmentEffect in #BehavioralEconomics that it is due to an asymmetry in the treatment of gains and losses is manifest in loss aversion for risky prospects.
#BoundedRationality
Don’t Use A Pros & Cons List
https://www.forbes.com/sites/jenamcgregor/2023/01/11/to-make-good-decisions-dont-use-a-pros-and-cons-list/?sh=2ae7946d7de7
When trying to make decisions about change, people are typically biased against the switch due to the concept of #LossAversion.
#DecisionMaking expert Annie Duke shares her advice on making tough calls in one’s career, suggesting to project forward, develop “kill criteria”, and get a “quitting coach." Include the word “unless” in any goal or resolutions to avoid the feeling of failure and set realistic standards.
Statistical Discrimination Against Underrepresented Groups http://d.repec.org/n?u=RePEc:osf:osfxxx:cnv45&r=exp
… suggest that people who learn about the demographic characteristics of top performers fail to adjust for the prevalence of people with those demographics in the pool from which the top performers emerge. This process systematically generates statistical #discrimination against minority groups.
Good news, everyone!
Former professor of (behavioral) economics (at the University of Erfurt, Jacobs U Bremen, Touro U) here. Now, in the corporate world, still working empirically with research in #ethics, #labor & personnel #economics, #DataScience & quantitative #SocialScience with applications to #jobtech
Interested in #BoundedRationality, #trust, #discrimination, quantitative methods, #dataviz #rstats #opensource
