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jerryking : behaviours   6

Training Wheels for Treasury Secretaries - WSJ
By HOLMAN W. JENKINS JR..
Updated Dec. 11, 2002

Public choice holds that politicians and government officials have interests, like anyone else, and understanding these interests is a better guide to their behavior than some disembodied notion of the "public good." In the words of Prof. Buchanan, "If you want to improve politics, improve the rules, improve the structure. Don't expect politicians to behave differently. They behave according to their interests."
public_choice  appointments  Holman_Jenkins  interests  politicians  organizational_structure  public_servants  politics  U.S.Treasury_Department  incentives  self-interest  public_goods  behaviours 
february 2015 by jerryking
Ronald H. Coase, a Law Professor and Leading Economist, Dies at 102 - NYTimes.com
By PATRICK J. LYONS
Published: September 3, 2013

At the University of London, he was on his way to becoming an industrial lawyer when a seminar with Sir Arnold Plant, a well-known economist of the time, changed his focus again, this time for good. After graduating from the London School of Economics, he taught there and at other British universities, and married Marion Ruth Hartung in 1937. The couple immigrated to the United States in 1951, when he joined the faculty of the State University of New York at Buffalo. He left for the University of Virginia in 1958.

While teaching at Virginia, Professor Coase submitted his essay about the F.C.C. to The Journal of Law and Economics, a new periodical at the University of Chicago. The astonished faculty there wondered, according to one of their number, George J. Stigler, “how so fine an economist could make such an obvious mistake.” They invited Professor Coase to dine at the home of Aaron Director, the founder of the journal, and explain his views to a group that included Milton Friedman and several other Nobel laureates-to-be.

“In the course of two hours of argument, the vote went from 20 against and one for Coase, to 21 for Coase,” Professor Stigler later wrote. “What an exhilarating event! I lamented afterward that we had not had the clairvoyance to tape it.” Professor Coase was asked to expand on the ideas in that essay for the journal. The result was “The Problem of Social Cost.”

Professor Coase was soon invited to become editor of the journal, and to join the Chicago faculty, where he stayed the rest of his life, disdaining the equation-heavy approach of what he called “blackboard economics” in favor of insights grounded in real markets and human behavior.

By identifying transaction costs and explaining their effects, the Royal Swedish Academy of Sciences wrote in announcing his prize in 1991, “Coase may be said to have identified a new set of ‘elementary particles’ in the economic system.”
obituaries  economists  lawyers  NPSIA  regulation  property_rights  human_behavior  transaction_costs  FCC  broadcasting  Ronald_Coase  Nobel_Prizes  Coase's_Law  behaviours  frictions  social_costs 
september 2013 by jerryking
Change or die: could adland be the new Detroit?
Feb 18, 2011|Campaign |Amelia Torode (head of strategy and innovation at VCCP and the chair of the IPA Strategy Group) and Tracey Follows ( head of planning at VCCP)...

As the world changed with the globalisation of markets, the transformative power of digital technologies and a shift in consumer demand, the automotive industry and the city of Detroit did not. At a fundamental level, nothing changed. Detroit failed to adapt, failed to evolve.

We have started to ask ourselves: is adland the new Detroit?

Data: find stories in numbers

It's time to reimagine our role. We're no longer solving problems but investigating mysteries; no longer taking a brief, rather taking on a case. Like a detective, we start with behaviour, looking for patterns and anomalies. We assume that what we're being told is not entirely the "truth" so search for information that is given from various perspectives and tend to believe our eyes more than our ears.

Imagine the implications for how we approach data. Seen through the lens of "mystery", we're not simply seeing data as a stream of numbers but as a snapshot of behaviour and an insight into human nature. What we do with data is the same thing we do when we sit on a park bench or at a pavement café - people-watching,albeit from desktops. It's human stories hidden within numbers, and it takes away the fear that surrounds "big data".
shifting_tastes  data-driven  data_journalism  Detroit  advertising_agencies  data  storytelling  massive_data_sets  adaptability  evolution  United_Kingdom  Publicis  managing_change  sense-making  insights  behaviours  patterns  anomalies  assumptions  automotive_industry  human_experience  curiosity  consumer_behavior 
december 2012 by jerryking
New Rules for Bringing Innovations to Market
March 2004 | HBR | Bhaskar Chakravorti.

The more networked a market is, the harder it is for an innovation to take hold, writes Bhaskar Chakravorti, who leads Monitor Group's practice on strategies for growth and managing uncertainty through the application of game theory. Chakravorti argues that executives need to rethink the way they bring innovations to market, specifically by orchestrating behavior change across the market, so that a large number of players adopt their offerings and believe they are better off for having done so. He outlines a four-part framework for doing just that: The innovator must reason back from a target endgame, implementing only those strategies that maximize its chances of getting to its goal. It must complement power players, positioning its innovation as an enhancement to their products or services. The innovator must offer coordinated switching incentives to three core groups: the players that add to the innovation's benefits, the players that act as channels to adopters and the adopters themselves. And it must preserve flexibility in case its initial strategy fails.

Chakravorti uses Adobe's introduction of its Acrobat software as an example of an innovator that took into account other players in the network--and succeeded because of it. As more content became available in Acrobat format, more readers were motivated to download the program," he observes. "The flexibility in Acrobat's product structure and the segmentation in the market allowed the pricing elasticity that resulted in the software's widespread adoption."
HBR  innovation  networks  network_effects  rules_of_the_game  commercialization  monetization  product_launches  howto  growth  managing_uncertainty  cloud_computing  endgame  Adobe  uncertainty  switching_costs  jump-start  platforms  orchestration  ecosystems  big_bang  behaviours  behavioral_change  frameworks  sharing_economy  customer_adoption  thinking_backwards  new_categories  early_adopters  distribution_channels  work-back_schedules 
july 2012 by jerryking
You probably think you know all about self-delusion
Oct. 27, 2011 | G&M | Tralee Pearce.

David McRaney new book, You Are Not So Smart, is a romp through some of the major findings in the field of psychology aimed at pointing out the self-delusions most of us harbour but aren’t humble enough to notice....the granddaddy of self-delusions?

Confirmation bias holds everything together. Thinking your opinions are the result of objective analysis, when they’re not. It flavours our unbreakable belief that our behaviour follows from attitude, when actually our attitudes follow from our behaviours. We like to make up stories. But we’re unreliable narrators.
psychology  delusions  books  cognitive_skills  confirmation_bias  self-delusions  self-criticism  biases  behaviours  psychologists 
october 2011 by jerryking
Bankers Need More Skin in the Game: Glassman and Nolan Say Private Partnerships Would Increase Risk Aversion Among Executives - WSJ.com
FEBRUARY 25, 2009 | Wall Street Journal | byJAMES K. GLASSMAN
and WILLIAM T. NOLAN. Op-ed piece.

(1) Partnerships may be a more trustworthy business model than
corporations.
(2) Alfred Chandler, the great business historian, said that "strategy
determines structure." Similarly, structure determines behavior.
Wall_Street  financial  crisis  risk-taking  risk-management  partnerships  financial_institutions  strategy  strategic_thinking  organizational_structure  behaviours  trustworthiness  risk-aversion  risk-preferences  skin_in_the_game  risks  Alfred_Chandler  human_behavior  business_history 
february 2009 by jerryking

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