Showing posts with label experiments. Show all posts
Showing posts with label experiments. Show all posts

Thursday, August 5, 2010

Quote of the Day: Dan Airley Edition

But is this really the case? Before you make up your mind, let’s see what the empirical evidence shows.
Dan Airley in his new book, The Upside of Irrationality. How sad it is that he (rightly, I think) has to remind readers not to make up their mind before seeing the evidence?

Update: Another quote from a discussion of why we care more about things "we make" as opposed to just buy:
A would-​be baker would hardly be willing to consider herself (or publicly admit to being) someone who makes birthday cakes from “just a mix.” Not only would she feel humiliated or guilty; she might also disappoint her guests, who would feel that they were not being treated to something special.
This is probably an example of how I'm a hyper-ratonal person. I'd never want someone to bake me a birthday cake instead of buying a better tasting cake. I'm also not sure why people assume baking a cake from scratch takes more effort than baking a cake from mix: the time it takes to mix the ingredients and put them in the oven is trivial compared to other circumstances. For instance, if you don't have the mix and you have to walk through the rain for 30 minutes to get it (true story, that happened once) then all the sudden making a cake with a mix is vastly more time-consuming. Or suppose that someone's birthday is on Sunday and you spend a few hours baking a cake before church. Compare that with a birthday on Friday where you spend Thursday night (when you have something due the next day) baking from a mix. Most people would say giving up the time on Thursday night was a bigger sacrifice.

Saturday, June 26, 2010

"One Bad Day"

Is it true that whatever doesn't kill you makes you stronger?

One fascinating study was spurred by discovering that both Ariely and Hanan Frenk (a double-amputee after driving over a landmine) refused painkillers for dental work (why bother?). Frenk and Ariely studied whether people who had suffered traumatic injuries had a higher tolerance for pain. They do.

from Tim Harford's blog.

The the thing, the flip side of the coin is that on "one bad day" whatever doesn't kill you can leave you "half dead." To inject some politics, some events, like a layoff, can mentally cripple people for years, often triggering major depression. A study using the German socio-economic panel found that on average it takes around 5 years to recover from a layoff. This is more relevant now than ever, with so many people slipping into long-term unemployment.

I don't understand how anyone who spent some time in the real world could think debt is a bigger worry than structural unemployment.