by Tim Kilpatrick
on October 10, 2017
Economist Richard Thaler won the Nobel Prize in economics yesterday for his work in Behavioral Economics. This is a field of study of the complexity of human decision making. He is second person to win a Noble Prize in economics for Behavioral Economics. Psychologist Daniel Kahneman won the same award in 2002. The field is a bridge between economics and psychology in decison making.
The mainstream model of people making decison as rational-utility maximizers, was upended by the studies by Thaler, Kahneman and others. They introduced us to many concepts that come into complex decision making including: “endowment effect“, “loss aversion“, “status quo bias“, and “winner’s curse”. People are complex. Behavioral Economics helps us understand this complexity.
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by Tim Kilpatrick
on October 9, 2017
There are few things more complex to manage in life than choosing a path or journey after graduation. A high school teenager, with little experience with life altering decisions, must choose an education or vocational path, maybe a new place to live, and a complex journey. A college senior must choose a path of uncertainty that they hope leads to what they think they want.
Rick Rigsby’s recent commencement address offers guidance to graduates on how to manage this complexity. The inspirational speaker bases it on the wisdom he learned from his father, who dropped out after third-grade. He speaks to the power of failure and struggle in finding the way.
Wisdom will come from to you in the unlikeliest of sources.
A lot of times from failure
When you hit rock bottom, remember this.
While you are struggling.
Rock bottom can also be a great foundation on which to build and which to grow
I’m not worried that you will be successful,
I’m worried that you won’t fail from time to time
The person the gets off the canvas and keeps growing, that is the person that will continue to grow their influence.
His commencement video is well worth the 10 minutes.
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