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The Predictability Of Irrationality
Another educational clip out of FORA TV, this time Dan Ariely, a professor of behavioral economics at Duke University, presents examples of cognitive illusions that help illustrate why humans make predictably irrational decisions - lately that would include purchasing stocks.
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The Predictability Of Irrationality can clearly be seen in each president we have had during the last 20 years. Each one had the vetting of the Dems or Repubs, and those two groups have morphed into their alter egos. A third column of influence is evidenced by the favor of MSM, and all three entities are vetted by the inner circle of TPTB.Disclosure: Independent
Dan Ariely's book was pretty interesting; obviously not a hardcore thesis on behavioral economics, but a fun read nonetheless.
Interesting talk, I'll try to incorporate the 'useless' option trick if I need to sell stuff in the future.
I have to say though, the example about the tables being the same length is misleading. The vertical table is on a diagonal, so while the top and bottom might be the same length, the edge must be longer. That's what I always thought that illusion was referring to.
http://www.ted.com/
This lecture was originally from Dan's talk at TED.
IF you have not discovered that site, it is worth looking at. Just search any name you are intersted in and you might find a lecture there.
TED: Ideas Worth Spreading "TED is a small nonprofit devoted to Ideas Worth Spreading. It started out (in 1984) as a conference bringing together people from three worlds: Technology, Entertainment, Design. "
Enjoy!
Nudged. Great book if you have never been exposed or read about behavioral biases.
I don't buy this Behavioral Economics stuff for one second. It seems to me all this guy does is take a problem, create an artificial experiment or questionnaire, give it to some peopl people (like maybe students in the professor's class) and claim what the bored students answered in the experiment or questionnaire has something to do with what people do in the real world. But people who are subjects in these concocted experiments and questionnaires do not play in the same game as people with real skin in the game, than people whose decisions have consequences, like consequences on their pocketbooks and wallets. You can run a zillion experiments using people filling out quick questionnaires, but that doesn't necessarily tell you what real people do with important and consequential decisions. I do not buy what the guy is selling. Not at all.