What Fashion Has to Teach Us
Now here is something different. Johanna Blakely on why how having IP protection fosters greater creativity in the fashion industry. Great lecture.
New Thinking About Thinking
May 28, 2010
NY Times
The Impact of the Irrelevant on Decision-Making
By Robert Frank
Textbook economic models assume that people are well informed about all the options they’re considering. It’s an absurd claim, of course, as most economists are well aware.
Even so, when people confront opportunities to improve their position, they’re generally quick to seize them. When energy prices rise sharply, for instance, consumers are quick to adjust their thermostats. So most economists are content with a slightly weaker assumption: that people respond in approximately rational ways to the information available to them.
But behavioral research now challenges even that more limited claim. For example, even patently false or irrelevant information often affects choices in significant ways.
[ Read original article ]
NY Times
The Impact of the Irrelevant on Decision-Making
By Robert Frank
Textbook economic models assume that people are well informed about all the options they’re considering. It’s an absurd claim, of course, as most economists are well aware.
Even so, when people confront opportunities to improve their position, they’re generally quick to seize them. When energy prices rise sharply, for instance, consumers are quick to adjust their thermostats. So most economists are content with a slightly weaker assumption: that people respond in approximately rational ways to the information available to them.
But behavioral research now challenges even that more limited claim. For example, even patently false or irrelevant information often affects choices in significant ways.
[ Read original article ]
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