Comments on: Buffett and his attempts at self-control

By: Big bonus

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By: Phillip

Phillip — Tue, 07 Apr 2009 10:11:58 +0000

Dan,

Interesting.

I think this falls well into the “Nudge” category as outlined by Thaler and Sunstein in their book.

By: mark

mark — Sat, 28 Mar 2009 03:30:23 +0000

I hope you read all of Buffet’s book. That was a great one and he is quite aware of his own faults. He will be the first to point out his own mistakes.

By: Gaurav

Gaurav — Fri, 27 Mar 2009 16:01:58 +0000

Very interesting.I have been obsessed with this very humane aspect in people.I learnt that “what we admire shapes us” using this simple device I have made some remarkable changes like turning vegetarian and losing weight and staying there.What we admire SHAPES US.

By: Damien Mair

Damien Mair — Thu, 26 Mar 2009 10:17:46 +0000

Dan,

Check out this video and article that was just on ABC tv here in Australia…interesting experiements that expose herd thinking in relation to the stock markets.

http://www.abc.net.au/catalyst/stories/2525497.htm

The emerging science of ‘behavioural economics’ is now showing that hormones like testosterone and cortisol may be causing supposedly rational traders to make irrational decisions. Could ignoring human biology be a risky business? Jonica Newby ventured on to the trading floor.

By: chris mcdonalds

chris mcdonalds — Wed, 25 Mar 2009 06:09:18 +0000

i think i spot an error in your “rational”thinking… i don’t believe weight gain/loss has that much to do with determination… sure it has some power but i can attest as someone who medically takes a hormone that my body does not produce yet is required for metabolism, that it has a lot to do with your body’s physiology. i don’t mean this in a trendy “it’s not your fault” type of mantra but it’s amazing when the level of the hormone i take is “appropriate”, my body responds by keeping the weight “appropriately”… so it’s “predictably irrational” to think that the mind has so much power over this issue…

on a complete tangent… i was accused of manipulating my spouse the other day: “Did you just pull a predictably irrational on me just now?”

thanks dan!

By: Mark Harrison

Mark Harrison — Tue, 24 Mar 2009 20:37:01 +0000

Dan, There is a call for expressions of interest over here in the UK that I’d like to go for but I need some street cred of the academic kind, a group of folks who can apply behavioural economics to a real world situation. Why I am interested, because I believe that a combination of BE and Nudge feels like a common sense way of facilitating people to reduce their consumption of energy. Who’d you have on your team?

Thanks a million,

Mark

By: Dean Jens

Dean Jens — Mon, 23 Mar 2009 18:44:17 +0000

A few year ago I found a book called “Strategies of Commitment” in a bookstore; it’s a collection of essays and talks by Tom Schelling, mostly dealing with commitment in classical games against other players, but also dealing with commitment in games against oneself. I didn’t buy it; I wanted to read it, so I instead checked it out of a library so I would have a due date. I’ve often wondered since then how Schelling would feel about having lost the royalties to that particular cause.