Are New York Taxis Such a Bad Investment? I recently attended a private-equity conference where a speaker, a TV pundit, abruptly shifted from offering tidbits from the Trumposphere to random life advice: “You have to ask yourself whether you want to … Continue reading The yellow-cab economics
To Make Better Choices, Look at All Your Options Together We make thousands of decisions every day. Some are fairly simple — we decide when to wake up, what to have for breakfast, what to wear to work, which email … Continue reading Comparison and contrast
Why is society so anxious about delusional beliefs? Desperately striving for an objective view of reality is a technique to reduce anxiety-provoking uncertainty. It promises itself as a way to stop a descent into madness, to avoid being completely disorientated … Continue reading Beliefs are subjective
Sorting Fact From Fiction: Why Expertise Matters I know nothing about cars—but my dad does. That’s why I am asking for his advice ahead of buying a new car. He is the best expert at my disposal, and I trust … Continue reading Are we all experts?
Group Decisions May Suffer If Confidence, Expertise Don’t Match New research suggests, that when trying to make a decision with another person, people tend to match their confidence levels — which can backfire if one person in fact has more … Continue reading Matching confidence
Rules of ascent When asked in the 1920s why he wanted to climb Mount Everest, George Mallory notoriously quipped: ‘Because it’s there.’ It was a flippant remark, of course, but also an instance of what Friedrich Nietzsche had called ‘superficiality … Continue reading The harder the better
How Behavioral Economics Could Solve America’s Health Care Woes Dr. Kevin Volpp, a Wharton health care management professor and director of the Center for Health Incentives and Behavioral Economics, part of the Leonard Davis Institute of Health Economics at the … Continue reading Managing complexity