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Quick Video: Behavioural Economics (Patreon)

Published:
2022-07-22 13:41:17
Imported:
2026-06
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Content

Yooo hope you enjoy xoxo (updated to edit out retakes)

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Previews only

Behavioural Economics

References (in rough order of appearance) How Do Economists Think About Rationality?, Cowen https://d101vc9winf8ln.cloudfront.net/documents/27964/original/rationality.pdf?1523455127 Judgment under Uncertainty: Heuristics and Biases, Tversky and Kahneman (1974): https://www2.psych.ubc.ca/~schaller/Psyc590Readings/TverskyKahneman1974.pdf Mental Accounting Matters, Thaler (1999) https://people.bath.ac.uk/mnsrf/Teaching%202011/Thaler-99.pdf The big problem with one of the most popular assumptions about the poor: https://www.washingtonpost.com/news/wonk/wp/2016/06/08/the-problem-with-one-of-the-most-popular-assumptions-about-the-poor/ Satisficing: Integrating the Two Traditions, Artinger et al (2022): https://drive.google.com/file/d/19Mh7zDs4qyB8CvTtHNA_yqQh4ZR_LWOd/view?usp=sharing

Comments

Colin Caine

Re: heuristics for deciding what policies to enact, one ~~thing~~ (correction 2024: unsourced claim) that I came across in transport policy is pre-intervention Vs post-intervention analysis. In the UK, it is common to do quite intensive analysis of changes to e.g. bike networks or street layouts before implementation. In the Netherlands they do quite lightweight analysis, then implement, then careful observation of how the intervention performs. And if it performs badly they can just change it again. This more risk-accepting policy culture seems sensible to me when our predictive analysis processes tend to be weak and slow. I like that you collect real data about failure rather than predicting what will fail and I like that it encourages experimentation. I don't think all policy is amenable to this fuck-around-and-find-out approach, but if you can afford to do these natural experiments then it seems pretty good to me.

Dr Jennifer Burgess

So interesting, thanks and would love to hear more when you get to it. I didn't know about the SES-vagal tone marshmallow experiments that is so interesting. How were the methods? Has it been replicated? I read there's been lots of critique of the original studies. As anyone who works in mental health will tell you, people who are highly anxious and distressed find it really difficult to wait for things (e.g. appointments, for medications to take effect), as understandably they are trying to allay these really horrible feelings. Which is rational really! But CBT (an extremely rational therapy) teaches that immediate allaying of anxiety can be counterproductive over the long term and the anxieties and anxiety-provoking situations must be experienced in order to ultimately get used to the feeling and not be afraid of it. The complexities of homo economicus!