Bebchuk et al show (1) there's an antitakeover effect and (2) there's
reduced shareholder returns in companies with staggered boards:
http://bit.ly/eaURWE .
Brad
30 January 2011
Skill or Luck?
http://bit.ly/h1jpcZ . van den Steen says this in the abstract: "This
paper shows why... rational agents tend to
attribute their own success more to skill, and their failure more to
bad luck than an outsider." So, rational agents have biases? Isn't
this like saying rational people are irrational?
He also states that if 2 people do a job and you ask each what their
contribution was in percent., the sum is greater than 100%.
My father, who has high blood triglycerides, and my mother visited a
dietician to figure out a diet to decrease triglycerides. The
dieticians asked my dad what percent. of the meals he made. He said
50%. My dad never made a meal in his life. When they left the
dietician's office, my mother asked for an explanation. He said he
made all his breakfasts (cereal and milk) and half of his lunches (a
sandwich).
So this is what I think of when when someone says the sum will be
greater than 100%, and no one in my family would claim my father is
rational.
Brad
paper shows why... rational agents tend to
attribute their own success more to skill, and their failure more to
bad luck than an outsider." So, rational agents have biases? Isn't
this like saying rational people are irrational?
He also states that if 2 people do a job and you ask each what their
contribution was in percent., the sum is greater than 100%.
My father, who has high blood triglycerides, and my mother visited a
dietician to figure out a diet to decrease triglycerides. The
dieticians asked my dad what percent. of the meals he made. He said
50%. My dad never made a meal in his life. When they left the
dietician's office, my mother asked for an explanation. He said he
made all his breakfasts (cereal and milk) and half of his lunches (a
sandwich).
So this is what I think of when when someone says the sum will be
greater than 100%, and no one in my family would claim my father is
rational.
Brad
Micro and Macro
he meant that macro is a trivial extension of micro. It is the
Austrian economists who are well-known for emphasizing micro:
http://ping.fm/w01MI
Here's the economist Bernard Guerrien on micro ("Is there anything
worth keeping in micro?"): http://ping.fm/uCeOR .
You can't really say that Guerrien and the Austrian economists are
opposed 180 degrees, since both dislike the emphasis on mathematics,
which they think encourages people to accept ideas uncritically mainly
in the form of the assumptions that are made when making the
equations.
Brad
Austrian economists who are well-known for emphasizing micro:
http://ping.fm/w01MI
Here's the economist Bernard Guerrien on micro ("Is there anything
worth keeping in micro?"): http://ping.fm/uCeOR .
You can't really say that Guerrien and the Austrian economists are
opposed 180 degrees, since both dislike the emphasis on mathematics,
which they think encourages people to accept ideas uncritically mainly
in the form of the assumptions that are made when making the
equations.
Brad
Depression
Depression is common. You'll probably deal with someone, perhaps even
yourself, who gets depressed.
Medicine often doesn't work, unfortunately.
There's some evidence that depressed people develop a rut in their
thinking.
Here's a categorization of the cognitive distortions, which is like a
set of cognitive biases, that depressed people develop and use,
consistently and wrongly: http://bit.ly/dZMijx .
One form of treatment is to train people's thinking to aboid these
forms of thinking. It works about as well as medicine.
Brad
yourself, who gets depressed.
Medicine often doesn't work, unfortunately.
There's some evidence that depressed people develop a rut in their
thinking.
Here's a categorization of the cognitive distortions, which is like a
set of cognitive biases, that depressed people develop and use,
consistently and wrongly: http://bit.ly/dZMijx .
One form of treatment is to train people's thinking to aboid these
forms of thinking. It works about as well as medicine.
Brad
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