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jerryking : irrationality   5

From Michael Lewis, a Portrait of the Men Who Shaped ‘Moneyball’ - The New York Times
Lewis decided to explore how it started.

The inquiry led him to the work of two Israeli psychologists, Amos Tversky and Daniel Kahneman, whose discoveries challenged long-held beliefs about human nature and the way the mind works.

Mr. Lewis chronicles their unusual partnership in his new book, “The Undoing Project,” a story about two unconventional thinkers who saw the world differently from everyone around them. Their peculiar area of research — how humans make decisions, often irrationally — has had profound implications for an array of fields, like professional sports, the military, medicine, politics, finance and public health.....Tversky and Kahneman's research demonstrating how people behave in fundamentally irrational ways when making decisions, relying on their gut rather than available data, gave rise to the field of behavioral economics. That discipline attracted Paul DePodesta, a Harvard student, who later went into sports management and helped upend professional baseball when he went to work for Mr. Beane.....Unlike many nonfiction writers, Mr. Lewis declines to take advances, which he calls “corrupting,” even though he could easily earn seven figures. Instead, he splits the profits from the books, as well as the advertising and production costs, with Norton. The setup spurs him to work harder and to make more money if the books are successful, he says.

“You should have the risk and you should enjoy the reward,” he said. “It’s not healthy for an author not to have the risk.”
Amos_Tversky  Michael_Lewis  Moneyball  books  book_reviews  unconventional_thinking  biases  cognitive_skills  unknowns  information_gaps  humility  pretense_of_knowledge  overconfidence  conventional_wisdom  overestimation  metacognition  behavioural_economics  irrationality  decision_making  nonfiction  writers  self-awareness  self-analysis  self-reflective  proclivities  Daniel_Kahneman  psychologists  delusions  self-delusions  skin_in_the_game  gut_feelings  risk-taking  partnerships 
december 2016 by jerryking
My eBay MBA: a dozen business lessons from online auctions -
August 25, 2014 | FT | By Lucy Kellaway.
My eBay MBA: a dozen business lessons from online auctions.

1. Trust is vital . . .
2. Consumers are sometimes irrational
3 . . . and sometimes dead sensible
4. Jargon and hyperbole subtract value
5. Spelling matters
6. Accentuate warts
7. Arbitrage opportunities are plentiful
8. Do something you love
9. Study the data
10. The human touch is vital
11 Innovation is overrated
12. Tell stories
What they don’t teach you at eBay Business School . . .
. . . is how to network.
eBay  lessons_learned  Lucy_Kellaway  auctions  networking  overrated  trustworthiness  storytelling  irrationality  spelling  arbitrage  jargon  online_auctions 
august 2014 by jerryking
Irrational Act
02.14.05 | Forbes | Rich Karlgaard.

Few can can explain why capitalism works. Economists, trapped in the closed loop of supply and demand, can only make a dismal pseudo-scientific hash of it. Out in the real world people are inspired by ideas. Some are even willing to suffer irrational odds in an effort to turn their ideas into innovations. Most fail, but even the failures add to our knowledge. The pursuit of innovation by entrepreneurs willing to give before they get creates discontinuities that shatter the predictable loop of supply and demand. Entropy and monopoly alike are defeated by innovation. That is how capitalism works. It starts with an irrational act of giving.

Why does tithing work? Nobody knows. Only that it does for many.
in_the_real_world  Rich_Karlgaard  capitalism  tithing  discontinuities  innovation  irrationality  leaps_of_faith  ideas  economic_dynamism  economists  ideaviruses 
august 2012 by jerryking
Predictably Irrational: The Hidden Forces that Shape Our Decisions
Dwight R Lee. Freeman. Irvington-on-Hudson: Jun 2009. Vol. 59,
Iss. 5; pg. 43, 2 pgs

Predictably Irrational: The Hidden Forces that Shape Our Decisions by
Dan Ariely HarperCollins * 2008 * 304 pages * $25.95 hardcover; $34.95
audiobook (cd); $19.94 e-book

809 documents found for: (business w/2 experiment*) AND
PDN(>1/1/2006) AND NOT (Business Wire or PR Newswire)
book_reviews  behavioural_economics  irrationality  decision_making  hidden 
august 2009 by jerryking
Easy Credit and the Depression -
MAY 5, 2009 | Wall Street Journal | by L. GORDON CROVITZ.
Judge Richard Posner's "A Failure of Capitalism: The Crisis of '08 and
the Descent into Depression". Explains behavior that looks irrational in
retrospect shows that it was logical, based on incentives at the time.
Prevention requires regulators with access to public and private
information to track systemic risk and clear, predictable rules for how
the Federal Reserve and other regulators would respond to various risk
L._Gordon_Crovtiz  economic_downturn  Richard_A._Posner  risks  book_reviews  credit  predictability  failure  U.S._Federal_Reserve  regulators  incentives  information  information_flows  irrationality  systemic_risks  causality  public_information  private_information  hindsight  rules-based 
may 2009 by jerryking

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