FAST AND FRUGAL IN THE NEW YORKER The catchiest of the concepts I’ve coined, “fast and frugal reasoning”, has made the New Yorker! The Unpolitical Animal by Louis Menand The author doesn’t use it quite correctly, but one can’t ask for everything I suppose. The fast and frugal heuristics I came up with do reason […]
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MODELING PREFERENCES THAT RESPECT REFERENCE POINTS Reference-dependent preferences are everywhere. A working paper by Berkeley’s Botond Koszegi and Matt Rabin provides a welcome model of them. Read on. Quote: “Our goal in this paper was to put forward a fully specified model of reference dependent preferences that can accommodate existing evidence and, most importantly, be […]
DECISION SCIENCE RESEARCHER PROFILE: RICHARD H. THALER Richard Thaler is the Robert P. Gwinn Professor of behavioral science and economics at University of Chicago. He currently serves as the director of the Center for Decision Research, and is a research associate at the National Bureau of Economic Research and co-director of the project on behavioral […]
DECISION SCIENCE RESEARCHER PROFILE: GERD GIGERENZER Gerd Gigerenzer is Director of the Center for Adaptive Behavior and Cognition at the Max Planck Institute for Human Development in Berlin and former Professor of Psychology at the University of Chicago. He won the AAAS Prize for the best article in the behavioral sciences. Recent Career: 1997-Present Director […]
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THE SOCIAL DILEMMA OF EXAGERATING THE POSITIVE-OF PEOPLE AND OF POLICIES Imagine you are invited to a party with ten strangers and asked to play an unusual game. Upon arrival you are presented with a choice. You can either 1) choose to receive $10 now, which you may keep, or 2) choose to receive $20, […]
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HOW FINANCIAL INCENTIVES AND COGNITIVE ABILITIES AFFECT TASK PERFORMANCE IN LABORATORY SETTINGS Ondrej Rydval and Andreas Ortmann have a paper forthcoming in Economic Letters in which they re-analyze some data from Gneezy and Rustichini (2000) and look at the relative importance of financial incentives and cognitive capabilities on reasoning tasks. The various NIS levels reflect […]
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THE INVOLVEMENT OF THE ORBITOFRONTAL CORTEX IN THE EXPERIENCE OF REGRET The study of decision making would be incomplete without consideration of the role of regret. A recent article seeks its place in the brain. The orbitofrontal cortex is a small area of the brain that is located just behind the eyes. It is involved […]
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A recent article in The Journal of Economic Perspectives by Justin Wolfers and Eric Zitzewitz describes how a new kind of market for prediction and forecasting delivers surprisingly accurate results in a variety of domains. Here, we see predicted versus actual movie opening takes, based on data from the Hollywood Stock Exchange. Exerpt from article: […]
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20TH ANNUAL INTERNATIONAL MEETING OF THE BRUNSWIK SOCIETY The 20th Annual International Meeting of the Brunswik Society will be held on Thursday and Friday, November 18-19, 2004 in Minneapolis, MN, at the Millennium Hotel. The program begins at 1:30 on Thursday afternoon. We invite proposals for papers on your recent research and panel discussions on […]
DECISION SCIENCE RESEARCHER PROFILE: ROBYN DAWES Recent Career: 1997-Present The Charles J. Queenan, Jr. University Professor, Carnegie Mellon University. 1995-1996 Acting Head, Dept. of Social & Decision Sciences, Carnegie Mellon University 1994 Fellow, Center for Rationality & Interactive Decision Making, Hebrew University of Jerusalem, 1992-Present University Professor, Carnegie Mellon University (CMU) 1990-Present Professor of Psychology, […]
