What to learn from this year’s Nobel Prize laureate in economics!

What to learn from this year’s Nobel Prize laureate in economics!

This year’s Nobel Prize laureate in Economics is Richard Thaler. Like the majority of former recipients of this award, he is American – and man. He receives the award for ”incorporating psychologically realistic assumptions into economic decision making and exploring the consequences of limited rationality, social preferences and lack of self-control”. He is thus representative of the relatively new area of ​​behavioral economics, emphasizing that the classical economic theory, which relies on the premise that economic decisions are made by completely rational persons with complete information, does not hold. Thaler receives the award because he has shown that the individuals (or company’s) actual decisions are influenced by a number of psychological factors that are not taken into account in classical economic theory.

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Inkompetenta klarar test bättre

Inkompetenta klarar test bättre

Redan Charles Darwin menade att okunnighet ofta ger större självförtroende än kunskap (The Descent of Man, 1871). På samma sätt verkar inkompetenta och okunniga personer överskatta både sin förmåga och personliga förträfflighet. Därför får de också ett bättre resultat när de besvarar traditionella självskattningstest. Även när de bedömer sin intelligens visar det sig att de okunniga tror sig vara mer begåvade än genomsnittet.

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