Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Posts Tagged ‘Behavioral Economics’

A bright future by Paul Mason

Posted by hkarner - 29. April 2019

Date: 28-04-2019
Source: The Guardian
Subject: Clear Bright Future by Paul Mason review – in the midst of crisis, a work of radical optimism

The current chaos contains the seeds of revolutionary change, argues the author of PostCapitalism. We need to challenge markets, take control of technology and consider what it means to be human

Tour de force … Paul Mason.

In a classic Little Britain sketch, David Walliams, playing a bank clerk named Carol, flatly refuses applicants for a loan – however reasonable, hopeful or desperate – with the robotic “Computer says no”. As this catchphrase illustrates, the everyday consequences of our surrender to machines are by now maddeningly familiar. Less evident is the political and intellectual work that has gone into legitimising it. In his latest tour de force, the former TV economics editor turned activist and author Paul Mason traces how an alliance of popular science gurus and Silicon Valley tycoons has led us to belittle our unique capacities as human beings, preparing the ground for the approaching supremacy of AIs.

As with machines, so with markets, whose worship has reduced relationships to competitive transactions, and individuals to homo economicus – a crass fictional construct programmed to maximise financial advantage at all times. Mason also chides the newer discipline of behavioural economics for framing us as flawed decision-makers who need to be “nudged”.

We have forfeited faith in our own capabilities, Mason argues, just when we need to strategise our way out of multiple political and environmental crises. The good news is that the current chaos contains the seeds of revolutionary change: the “clear bright future” of the title is from Leon Trotsky. We can uncancel this future, Mason insists, but only by rediscovering a quality that has become curiously unfashionable – humanity – and seizing control of technology. The socialisation of knowledge will enable us to overthrow capitalism, and automation will abolish our need to work. Den Rest des Beitrags lesen »

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The Moral Identity of Homo OEconomicus

Posted by hkarner - 8. November 2017

Ricardo HausmannRicardo Hausmann, a former minister of planning of Venezuela and former Chief Economist of the Inter-American Development Bank, is Director of the Center for International Development at Harvard University and a professor of economics at the Harvard Kennedy School.

Two recent books indicate that a quiet revolution is challenging the foundations of the dismal science, promising radical changes in how we view many aspects of organizations, public policy, and even social life. As with the rise of behavioral economics, this revolution emanates from psychology.

CAMBRIDGE – Why do people vote, if doing so is costly and highly unlikely to affect the outcome? Why do people go above and beyond the call of duty at their jobs?

Two recent books – Identity Economics by Nobel laureate George Akerlof and Rachel Kranton and The Moral Economy by Sam Bowles – indicate that a quiet revolution is challenging the foundations of the dismal science, promising radical changes in how we view many aspects of organizations, public policy, and even social life. As with the rise of behavioral economics (which already includes six Nobel laureates among its leaders), this revolution emanates from psychology. But while behavioral economics relies on cognitive psychology, this one is rooted in moral psychology. Den Rest des Beitrags lesen »

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Posted by hkarner - 19. Oktober 2017

FURCHE-Kolumne 226, WilfriedStadler

Mitten in den ökonomischen und geopolitischen Turbulenzen einer Welt, deren politische und wirtschaftliche Machthaber sich immer schwerer dabei tun, einen gemeinsamen Takt zu finden, ging dieser Tage der Wirtschafts-Nobelpreis an den Verhaltens-Ökonomen Richard Thaler. Während die einen begrüßen, dass damit eine vermeintlich unterschätzte Forschungsrichtung endlich vor den Vorhang geholt wird, sehen andere in der Entscheidung für ein Orchideenfach schlichte Realitätsverweigerung. Angesichts eines dramatischen Nachholbedarfs der Wirtschaftswissenschaften in zentralen Fragen – von der digitalen Ökonomie über die wachsende Ungleichheit bis zur überfälligen Suche nach einem global durchsetzbaren Besteuerungssystem von Großunternehmen – erscheint mir diese Kritik berechtigt. Den Rest des Beitrags lesen »

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Another Nobel Surprise for Economics

Posted by hkarner - 10. Oktober 2017

Robert J. Shiller, a 2013 Nobel laureate in economics, is Professor of Economics at Yale University and the co-creator of the Case-Shiller Index of US house prices. He is the author of Irrational Exuberance, the third edition of which was published in January 2015, and, most recently, Phishing for Phools: The Economics of Manipulation and Deception, co-authored with George Akerlof.

Richard Thaler has shown in his research how to focus economic inquiry more decisively on real and important problems. His research program has been both compassionate and grounded, and he has established a research trajectory for young scholars and social engineers that marks the beginning of a real and enduring scientific revolution.

NEW HAVEN – The winner of this year’s Nobel Memorial Prize in Economic Sciences, Richard Thaler of the University of Chicago, is a controversial choice. Thaler is known for his lifelong pursuit of behavioral economics (and its subfield, behavioral finance), which is the study of economics (and finance) from a psychological perspective. For some in the profession, the idea that psychological research should even be part of economics has generated hostility for years. 

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Richard Thaler : So überlisten Sie sich selbst – mit dem Nobelpreis

Posted by hkarner - 9. Oktober 2017

Von Patrick Bernau, FAZ, Aktualisiert am
Gemüse essen? Machen Sie das freiwillig? 

Zu viel Schokolade, zu wenig Bewegung, zu hohe Ausgaben: Oft benehmen wir uns nicht so, wie wir eigentlich wollen. Wirtschafts-Nobelpreisträger Richard Thaler hat Abhilfe parat.

Menschen benehmen sich nicht immer so, wie sie wollen. Das ist nicht neu. Das weiß jeder, der schon mal morgens mit einem großen Kater aufgewacht ist, und jeder, der am Jahresanfang eine Mitgliedschaft im Fitness-Studio abgeschlossen hat und vor dem Strandurlaub trotzdem drei Kilo mehr wog. Chicago-Ökonom Richard Thaler hat dieses Verhalten wissenschaftlich systematisiert, für die Analyse der Wirtschaft nutzbar gemacht – und er hat einige Tricks entwickelt, mit denen Menschen vor diesem Verhalten geschützt werden können, zum Beispiel vom Staat. Ein „Nudge“, ein kleiner Schubs, soll uns helfen, uns richtig zu benehmen – so heißt es in Thalers berühmtestem Buch.

Thaler hat heute den Wirtschaftsnobelpreis bekommen, aber sein „Nudge“-Konzept ist auch auf viel Kritik gestoßen. Sollen Menschen wirklich vom Staat zu irgendeinem Verhalten hingeschubst werden? Ist das zu viel Manipulation? Und wollen wir uns wirklich immer so verhalten, wie es der durchgeistigte Wissenschaftler nahelegt? Viele dieser Fragen sind immer noch offen. Die Debatte über die Folgerungen aus Thalers Thesen hat erst begonnen. Den Rest des Beitrags lesen »

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Behavioural economics: What we know and how it could be mainstreamed

Posted by hkarner - 23. Mai 2017

Beryl Chang, Fabrizio Ghisellini 21 May 2017

Professor of Economics and Finance, ‎New York University

Director for Financial Operations, Ministry of the Economy and Finance, Italy


For example, the bursting of the dot-com bubble in 2000 came at the end of a period in which standard indicators, such as price-earnings ratios, were completely out of line with the predictions of efficient markets as depicted by what we will refer to as conventional economics. Den Rest des Beitrags lesen »

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Innovation Alone Won’t Change Habits

Posted by hkarner - 21. Oktober 2016

By on October 18, 2016  RGE EconoMonitor

I like observing people. Not in a creepy, nosy way. More in a want-to-understand-how-people-behave kind of way.

For example, I pay attention to how people standing in front of me in a line pay for purchases. What I have observed, I am sure, is not the product of bad luck: a not-insignificant fraction of people paying in cash (counting out change … for a while … holding up the line). This always intrigues me, since I find paying with credit or debit cards so convenient (and fast). That way, I don’t need to take frequent runs to the ATM, or keep tabs on how much cash I need vs. how much I have. I can track how I am spending my money, and in the case of credit cards, there is the added bonus that I can hold on to my money longer, since I can pay in full at the end of the following month’s cycle, so as not to carry a balance.

I have asked people why they prefer paying with cash and they often cite “cost” (but most merchants do not charge you extra when you use your credit card, and if they plan to do so, they must let you know in advance, at least in the United States). People also mention their need to know how much they are spending, or their need to control how much they spend (there may be some truth to thatsee this link). Den Rest des Beitrags lesen »

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President Xi and His Reform Agenda – Really

Posted by hkarner - 24. September 2015

Author: Dan Steinbock  ·  September 24th, 2015  ·  RGE EconoMonitor

Thanks to misguided stories about President Xi’s reforms, America risks losing the opportunity to participate appropriately in China’s massive economic rebalancing and reform drive.

In their Animal Spirits, George A Akerlof and Robert J. Shiller, two Nobel Prize winners, show how human psychology drives the economy and why it matters for global capitalism. In particular, they show how stories move markets and are themselves a real part of how the economy functions.

The same goes for other economies, including China. What “we” in America know about China is filtered through aggregate stories by Washington’s political pundits, policy wonks, economic analysts, and news oracles. Some stories reflect realities; others don’t. Still others are misguided and flawed, while the rest have self-serving agendas.

As President Xi Jinping is in his first official state visit in the U.S., he remains an enigma to most Americans – not in spite of these stories, but because of them. Den Rest des Beitrags lesen »

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Critics of Free Market Shouldn’t Overreach

Posted by hkarner - 24. September 2015

Date: 24-09-2015
Source: The Wall Street Journal

Markets aren’t perfect, but behavioral economics has its biases, too

Studies show that text messages sent to students reminding them to apply for aid have the effect of boosting college enrollment numbers.

It has been a good month for free-market skeptics. In Britain, an avowed socialist is the new leader of the Labour Party. Pope Francis, who condemns markets for promoting “extreme consumerism,” arrived in the U.S. to a rock star’s welcome.

And now, the very people you’d expect to come to the defense of markets are joining the attack: economists. “Competitive markets by their very nature spawn deception and trickery,” Nobel laureates George Akerlof and Robert Shiller write in their new book, “Phishing for Phools.”
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Europe’s Greek Tragedy

Posted by hkarner - 6. August 2015

Absolutely worth reading: the analysis of a medical doctor. (hfk)

John Mauldin, August 5, 2015

In this week’s Outside the Box we have a unique diagnosis of Europe’s ills from … a medical doctor. The author is Dr. Luc De Keyser, who currently serves as the chief medical information officer at Xperthis, the largest provider of hospital information systems solutions in Belgium. He has done pioneering work in multicenter clinical trials, medical ontologies, paleonutrition, and examining human conflict from an evolutionary perspective.

Dr. De Keyser (writing for Stratfor) is not sanguine about Europe’s future. There are times, he reminds us, when a doctor has to make the tough call and conclude that the patient’s case is simply without hope. It’s a painful diagnosis and not one that the doctor enjoys sharing with the patient. But at some point the patient must be told.

The fundamental obstacle to solving Europe’s problems, he asserts, is that Europe is simply too complex to fix in any straightforward or dependable way:

For such problems, there are no simple solutions. There aren’t even complicated solutions. There are only best-guess measures with no guarantees of success. The currency union’s underlying flaws, like so many other modern problems, are far too intricate and perplexing for our minds and institutions to cope with. Failing to admit to our own overconfidence in dealing with the bloc’s problems will only perpetuate the crisis playing out across Europe.

Our poor human brains, the good doctor says, simply aren’t built to cope with a sociopolitical entity as big and complex as Europe. One thing we not-so-evolved apes like to do is interpret information in a way that confirms our preconceived notions. This is called confirmation bias, and in simpler times it kept us out of harm’s way by encouraging preferences for things we knew to be safe. This is a limitation that afflicts economists right along with the rest of us. And so we see, for example, Wolfgang Schäuble, finance minister of Germany, and Yanis Varofakis, former finance minister of Greece, obstinately pushing diametrically opposed economic programs. Which is OK, says Dr. De Keyser, until people on both sides start to claim that adherence to the other guy’s economic school of thought is going to ruin the livelihoods of millions of people. Den Rest des Beitrags lesen »

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