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in reply to: General Discussion #11935

…I am pleased with the content and organization of this subject matter.

[rolsanch]

in reply to: Lesson 9: Behavioral Economics in Practice (Part 1) #11934

Of the 3 types, I am prone to use Motivational Debiasing, especially accountability.

Yet I emphasized critical thinking skills (education) to my former students and I try to reflect via journaling – all Cognitive Debiasing topics. Also, I am a big fan of the checklists mentioned in Technological Debiasing.

So I guess all 3 types have usefulness in my life.

[rolsanch]

in reply to: Lesson 8: Bounded Self-Interest and Sociality (Part 2) #11932

I guess peer pressure and what others think of you is not confined to teenage years!

I would be interested to learn more about people’s actions, and their driving influence, when they know they are NOT being watched.

[rolsanch]

in reply to: Lesson 7: Bounded Self-Interest and Sociality (Part 1) #11930

Interesting stats from the video regarding number of people who give away some of the money in the Dictator game. If I were conducting that game, I would have to come away feeling good about the generosity of people vs what’s often in the news, etc.

While I do try to make time to volunteer and/or make a donation, I have to admit that the free gifts from charities has not worked on me…yet.

[rolsanch]

in reply to: Lesson 9: Behavioral Economics in Practice (Part 1) #11927

I’ve been trying to get through the Nudges book (updated version). Interesting examples used to explain/support the material covered so far in this course. I recommend it for a more in-depth understanding of our decision-making processes, etc.

[rolsanch]

in reply to: Lesson 4: Bounded Rationality and Information (Part 2) #11923

I believe that the strategy to force people to take steps to op-out of a retirement plan that they’ve be signed up (subscribed) has helped individuals have a better retirement situation than if it had been left up to their own proactive behavior. Of course the companies benefit from this default enrollment too.

I recognize that I am guilty of the status quo bias by having the same home alarm company for the last 15 years (there’s has to have been numerous deals from competitors that I overlooked).

[rolsanch]

in reply to: Lesson 4: Bounded Rationality and Information (Part 2) #11922

The emphasis on the attention of humans was eye-opening. I had never heard of an “attention economy” and the different ways we can explore our attention limits with regards to information gathering, information processing and, ultimately, decision making.

It makes sese for marketing professionals to dedicate much time to this, but the United Nations? https://www.un.org/sites/un2.un.org/files/attention_economy_feb.pdf

Very interesting Lesson 4.

[rolsanch]

in reply to: Lesson 3: Bounded Rationality and Information (Part 1) #11921

The problem of having too much information, prior to making a decision, is not emphasized enough, imo. The “paralysis by analysis” saying has been around for many years but is much more of problem today due to the speed of information gathering/sharing that occurs for buyers, sellers, governments, etc. I hadn’t heard it described as “choice deferral” but it is spot on.

[rolsanch]

in reply to: Lesson 1: Introduction #11920

Hello,

I taught economics for 20 years. As part of my early microeconomics lecture, I mentioned a Rationality Assumption (based on how I was taught this during my undergrad days). The RA goes “We will assume that individuals (consumers, firms) and groups (government agencies) will act rationally, until proven otherwise.”

I look forward to leaving this RA behind and, instead, applying the tenets of behavioral economics for a more precise (realistic) way that rationality should be described.

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