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Mauro Guillen’s insight on the world economic market
Published on Jan 26, 2013
This week different countries all over the world have gathered in Switzerland for the World Economic Forum. Mauro Guillen,VP of WEF Global Agenda Council on Emerging Multinationals and the professor from Wharton School, joined CCTV and gave his insight on the undergoing changes starting from Europe.
Studying Economic Behavior in Unusual Places
Richard Thaler is renowned for his extremely influential contributions to the emerging field of behavioral economics over the last three decades. He has made it his habit to look for data in unusual places. Here he draws on the behavior of New York City taxi cab drivers, game show participants, and National Football League teams to see what can be learned about human behavior. Thaler is Professor of Behavioral Science and Economics, and Director of the Center for Decision Research, Graduate School of Business, University of Chicago.
Eric Schmidt of Google: Change Creates Opportunity
Despite the economic downturn, Schmidt tells students now is the perfect time to be graduating. Additionally, the Google CEO touches on the political and economic environment and the link between ideas and technology. According to Schmidt, the changes we’re seeing today, in government and politics, will not be short term changes.
Using examples from vacations to colonoscopies, Nobel laureate and founder of behavioral economics Daniel Kahneman reveals how our “experiencing selves” and our “remembering selves” perceive happiness differently. This new insight has profound implications for economics, public policy — and our own self-awareness.
Widely regarded as the world’s most influential living psychologist, Daniel Kahneman won the Nobel in Economics for his pioneering work in behavioral economics — exploring the irrational ways we make decisions about risk.
Why you should listen to him:
Daniel Kahneman is an eminence grise for the Freakonomics crowd. In the mid-1970s, with his collaborator Amos Tversky, he was among the first academics to pick apart exactly why we make “wrong” decisions. In their 1979 paper on prospect theory, Kahneman and Tversky examined a simple problem of economic risk. And rather than stating the optimal, rational answer, as an economist of the time might have, they quantified how most real people, consistently, make a less-rational choice. Their work treated economics not as a perfect or self-correcting machine, but as a system prey to quirks of human perception. The field of behavioral economics was born.
Kahneman was awarded the Nobel Memorial prize in 2002 for his work with Tversky, who died before the award was bestowed. In a lovely passage in his Nobel biography, Kahneman looks back on his deep collaboration with Tversky and calls for a new form of academic cooperation, marked not by turf battles but by “adversarial collaboration,” a good-faith effort by unlike minds to conduct joint research, critiquing each other in the service of an ideal of truth to which both can contribute.
“Amos and I shared the wonder of together owning a goose that could lay golden eggs — a joint mind that was better than our separate minds.” Daniel Kahneman
- The more money we have, the fewer problems we see (washingtonpost.com)
- Nobel laureate Daniel Kahneman challenges psychologists to clean up their act (3quarksdaily.com)
- Daniel Kahneman Calls for Change (freakonomics.com)
- Slow Thinking Is Wise Thinking (psychologicalscience.org)