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« Previous Entry | Main | Next Entry » Ask Behavioral Economist Dan Ariely Your Questions About the Economic Crisis and Human Behavior
Editor's Note: Dan Ariely, a noted behavioral economist at Duke University and author of Predictably Irrational, is different from many of his economist colleagues. Ariely studies irrationality in economic behavior -- despite the fact that economics is largely premised on the idea that people act completely rationally when it comes to markets and finance. The current crisis, however, has called much of those traditional theories into question, making Ariely's research all the more timely and interesting. On Wednesday's NewsHour, Ariely talks to Paul about morality and money in the current economic crisis. Ariely has designed and carried out dozens of experiments all over the world dealing specifically with the concepts of stealing and cheating. His conclusions: People cheat just about the same way all over the world -- with one exception. Dan and Paul will be answering viewer questions in a special Insider Forum. You can leave your questions in the Comments section below or in the Question field to the right. Check back next week for their responses. -- Posted May 20, 2009 | Comments (3) | Permalink
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Which is the "leader" and which the "follower in affecting economic treands, The stock market
i.e. the DJA, or Investors ?
I would like to point everyone in the direction of Common Good Bank. http://www.commongoodbank.com/. Also, CEN|PDX offers a new non-profit fundraising model via community exchange. Lastly, everyone needs to google search a document titled Modern Money Mechanics! One reason why so many cheat our economic system is because we know nothing about it.
Rationality means completely reasonable. For example, finite spreadsheet, which hides material facts beyond the finite time, is irrational because its reason is only partial or incomplete. Similarly, finite planning, finite arguments, for example, by lawyers and judges, and non-deterministic solutions, where the number of unknowns does not equal to the number of equations, are irrational.
The struggle between good and evil is as old as history itself. It covers the class struggle of Marx. Non-violable laws of nature do not particularly points toward good. Some evil persons live comfortably to ripe old ages. What is important is to recognize the non-violable laws of nature governing our behavior. The following is the non-violable law of nature, namely, the solution to price determination, related to the current financial crisis.
The Cause And The Cure Of The World-Wide Financial Crisis: Conflict Between Non-Violable Laws Of Nature In Social Science And Man-Made Laws
Abstract
The solution of value is the permanent cure of our chronicle financial crises. Being mathematically rigorous, it is a non-violable law of nature, relating in an infinite spreadsheet the price to the expected rate of return. It will advance the world economy from pre-science economy regulated by man-made laws to the Free Market of Milton Friedman and finally to post-science and post-Friedman economy regulated by non-violable laws of nature. It will move our society from the value-absent Age of Science to the Age of Social Science and from predictions of material behavior to that of human behavior, both based on non-violable laws of nature.
The following is my latest comment to the Federal Reserve:
Subject: Federal Reserve Has Completely Avoided Valuation Problem
Incorrect valuation is the cause and the correct solution of value or price determination is the solution of the current financial crisis. The Federal Reserve must not avoid the solution of value. Full disclosure of material facts to infinity in time and full disclosure is necessary in the solution of value, for example:
http://www.infinitespreadsheet.com
and should be the basic principle in truth in lending. Failures of Fannie Mae and Freddie Mac and AIG are due mainly to incorrect valuation. In particular, insurance premiums should be dependent more on the valuation of the mortgaged real estate than on actuarial analysis as described in detail in Treasury comments: http://www.regulations.gov/fdmspublic/component/main?main=DocumentDetail&o=0900006480768ddc
and
http://www.regulations.gov/fdmspublic/component/main?main=DocumentDetail&o=090000648077ca2c
and
http://www.regulations.gov/fdmspublic/component/main?main=DocumentDetail&o=0900006480782328
Hugh Ching, Post-Science Institute, 5-15-2009