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Javier E

The Irrational Consumer: Why Economics Is Dead Wrong About How We Make Choices - Derek ... - 0 views

www.theatlantic.com/...267255

rational choice rationality psychology consumer economics

shared by Javier E on 20 May 15 - No Cached
  • Atlantic.displayRandomElement('#header li.business .sponsored-dropdown-item'); Derek Thompson - Derek Thompson is a senior editor at The Atlantic, where he oversees business coverage for the website. More Derek has also written for Slate, BusinessWeek, and the Daily Beast. He has appeared as a guest on radio and television networks, including NPR, the BBC, CNBC, and MSNBC. All Posts RSS feed Share Share on facebook Share on linkedin Share on twitter « Previous Thompson Email Print Close function plusOneCallback () { $(document).trigger('share'); } $(document).ready(function() { var iframeUrl = "\/ad\/thanks-iframe\/TheAtlanticOnline\/channel_business;src=blog;by=derek-thompson;title=the-irrational-consumer-why-economics-is-dead-wrong-about-how-we-make-choices;pos=sharing;sz=640x480,336x280,300x250"; var toolsClicked = false; $('#toolsTop').click(function() { toolsClicked = 'top'; }); $('#toolsBottom').click(function() { toolsClicked = 'bottom'; }); $('#thanksForSharing a.hide').click(function() { $('#thanksForSharing').hide(); }); var onShareClickHandler = function() { var top = parseInt($(this).css('top').replace(/px/, ''), 10); toolsClicked = (top > 600) ? 'bottom' : 'top'; }; var onIframeReady = function(iframe) { var win = iframe.contentWindow; // Don't show the box if there's no ad in it if (win.$('.ad').children().length == 1) { return; } var visibleAds = win.$('.ad').filter(function() { return !($(this).css('display') == 'none'); }); if (visibleAds.length == 0) { // Ad is hidden, so don't show return; } if (win.$('.ad').hasClass('adNotLoaded')) { // Ad failed to load so don't show return; } $('#thanksForSharing').css('display', 'block'); var top; if(toolsClicked == 'bottom' && $('#toolsBottom').length) { top = $('#toolsBottom')[0].offsetTop + $('#toolsBottom').height() - 310; } else { top = $('#toolsTop')[0].offsetTop + $('#toolsTop').height() + 10; } $('#thanksForSharing').css('left', (-$('#toolsTop').offset().left + 60) + 'px'); $('#thanksForSharing').css('top', top + 'px'); }; var onShare = function() { // Close "Share successful!" AddThis plugin popup if (window._atw && window._atw.clb && $('#at15s:visible').length) { _atw.clb(); } if (iframeUrl == null) { return; } $('#thanksForSharingIframe').attr('src', "\/ad\/thanks-iframe\/TheAtlanticOnline\/channel_business;src=blog;by=derek-thompson;title=the-irrational-consumer-why-economics-is-dead-wrong-about-how-we-make-choices;pos=sharing;sz=640x480,336x280,300x250"); $('#thanksForSharingIframe').load(function() { var iframe = this; var win = iframe.contentWindow; if (win.loaded) { onIframeReady(iframe); } else { win.$(iframe.contentDocument).ready(function() { onIframeReady(iframe); }) } }); }; if (window.addthis) { addthis.addEventListener('addthis.ready', function() { $('.articleTools .share').mouseover(function() { $('#at15s').unbind('click', onShareClickHandler); $('#at15s').bind('click', onShareClickHandler); }); }); addthis.addEventListener('addthis.menu.share', function(evt) { onShare(); }); } // This 'share' event is used for testing, so one can call // $(document).trigger('share') to get the thank you for // sharing box to appear. $(document).bind('share', function(event) { onShare(); }); if (!window.FB || (window.FB && !window.FB._apiKey)) { // Hook into the fbAsyncInit function and register our listener there var oldFbAsyncInit = (window.fbAsyncInit) ? window.fbAsyncInit : (function() { }); window.fbAsyncInit = function() { oldFbAsyncInit(); FB.Event.subscribe('edge.create', function(response) { // to hide the facebook comments box $('#facebookLike span.fb_edge_comment_widget').hide(); onShare(); }); }; } else if (window.FB) { FB.Event.subscribe('edge.create', function(response) { // to hide the facebook comments box $('#facebookLike span.fb_edge_comment_widget').hide(); onShare(); }); } }); The Irrational Consumer: Why Economics Is Dead Wrong About How We Make Choices By Derek Thompson he
  • First, making a choice is physically exhausting, literally, so that somebody forced to make a number of decisions in a row is likely to get lazy and dumb.
  • Second, having too many choices can make us less likely to come to a conclusion. In a famous study of the so-called "paradox of choice", psychologists Mark Lepper and Sheena Iyengar found that customers presented with six jam varieties were more likely to buy one than customers offered a choice of 24.
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  • neurologists are finding that many of the biases behavioral economists perceive in decision-making start in our brains. "Brain studies indicate that organisms seem to be on a hedonic treadmill, quickly habituating to homeostasis," McFadden writes. In other words, perhaps our preference for the status quo isn't just figuratively our heads, but also literally sculpted by the hand of evolution inside of our brains.
  • The third check against the theory of the rational consumer is the fact that we're social animals. We let our friends and family and tribes do our thinking for us
  • Many of our mistakes stem from a central "availability bias." Our brains are computers, and we like to access recently opened files, even though many decisions require a deep body of information that might require some searching. Cheap example: We remember the first, last, and peak moments of certain experiences.
  • The popular psychological theory of "hyperbolic discounting" says people don't properly evaluate rewards over time. The theory seeks to explain why many groups -- nappers, procrastinators, Congress -- take rewards now and pain later, over and over again. But neurology suggests that it hardly makes sense to speak of "the brain," in the singular, because it's two very different parts of the brain that process choices for now and later. The choice to delay gratification is mostly processed in the frontal system. But studies show that the choice to do something immediately gratifying is processed in a different system, the limbic system, which is more viscerally connected to our behavior, our "reward pathways," and our feelings of pain and pleasure.
  • the final message is that neither the physiology of pleasure nor the methods we use to make choices are as simple or as single-minded as the classical economists thought. A lot of behavior is consistent with pursuit of self-interest, but in novel or ambiguous decision-making environments there is a good chance that our habits will fail us and inconsistencies in the way we process information will undo us.
  • Our brains seem to operate like committees, assigning some tasks to the limbic system, others to the frontal system. The "switchboard" does not seem to achieve complete, consistent communication between different parts of the brain. Pleasure and pain are experienced in the limbic system, but not on one fixed "utility" or "self-interest" scale. Pleasure and pain have distinct neural pathways, and these pathways adapt quickly to homeostasis, with sensation coming from changes rather than levels
  • Social networks are sources of information, on what products are available, what their features are, and how your friends like them. If the information is accurate, this should help you make better choices. On the other hand, it also makes it easier for you to follow the crowd rather than engaging in the due diligence of collecting and evaluating your own information and playing it against your own preferences
Javier E

JPMorgan CEO Jamie Dimon Says Big Risks Loom for the U.S. Economy - WSJ - 0 views

www.wsj.com/...or-the-u-s-economy-11649045322

energy response economics politics ukraine lng risk

shared by Javier E on 05 Apr 22 - No Cached
  • Chase & Co. Chief Executive Jamie Dimon said the U.S. economy is facing unprecedented risks that have him preparing for dramatic upheavals.
  • Consumers and businesses are flush with cash, wages are rising and the economy is growing rapidly after its pandemic slowdown. While consumer confidence has declined, Mr. Dimon says the more important gauge is booming spending.
  • Yet Mr. Dimon warned that the war in Ukraine could collide with rising inflation to slow the pandemic recovery and alter global alliances for decades to come.
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  • “While it is possible, and hopeful, that all of these events will have peaceful resolutions, we should prepare for the potential negative outcomes.”
  • Last April, as the world emerged from the pandemic, he saw a chance for an economic “Goldilocks moment”—fast, sustained growth alongside inflation and interest rates that drift slowly upward. Instead, growth was accompanied by inflation that well outpaced expectations.
  • “In hindsight, the medicine…was probably too much and lasted too long,” Mr. Dimon wrote in Monday’s letter, referring to pandemic-era stimulus measures that kept consumers afloat and borrowing costs low. 
  • Russia’s war against Ukraine and Western sanctions meant to stop it will “at a minimum” slow the global economy, Mr. Dimon said. Oil, commodity and agriculture markets are already reeling, he said. The prospect of additional sanctions, which he supports, could “dramatically, and unpredictably, increase their effect.”
  • “Along with the unpredictability of war itself and the uncertainty surrounding global commodity supply chains, this makes for a potentially explosive situation,”
  • Energy investments, he said, are especially needed to wean the world off Russian oil and gas. He specifically called for the U.S. to issue permits for oil and gas projects and increased shipping of liquefied natural gas to Europe.
  • ensuring current energy needs are met doesn’t have to come at the expense of investments in green energy and broader efforts to reduce carbon emissions.
  • “We need to secure proper energy supplies immediately for the next few years, which can be done while reducing CO2 emissions,” Mr. Dimon wrote.
Javier E

Opinion | Germany's unlikely success story is an inspiration in tough times - The Washi... - 0 views

www.washingtonpost.com/...z-germany-success-story-europe

germany success story inspiration history politics culture

shared by Javier E on 03 Sep 22 - No Cached
  • One of the most striking positive trends in the world these days can be found in the democratic strength, character and leadership of Germany.
  • This came to mind as I was reading German Chancellor Olaf Scholz’s speech this week in Prague, in which he promised that his country would support Ukraine “reliably and for as long as it takes.” He explained that Germany had “undergone a fundamental change” on providing military aid to Ukraine. He affirmed Germany’s support for a stronger, more integrated Europe — one that would welcome new members that aspire to Europe’s democratic values and ideals.
  • This is all part of what he calls a Zeitenwende in German foreign policy, a “turning of the times.”
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  • it is also the continuation of a remarkably consistent German attitude toward Europe and the world since 1945. Think about how different the world would look if we did not have, at the center of Europe, its most powerful nation — the country that is the largest net contributor to the E.U. — totally committed to democratic and liberal values and willing to make sacrifices for them. Germany today is the rock on which a new Europe is being built.
  • the sacrifices are real and deep. Natural gas prices are up tenfold in Europe compared to last year. The price of electricity for 2023 is more than 15 times higher than it has been in recent years, by one estimate. Vladimir Putin is ramping up the pressure by slowing and even stopping gas exports to Germany
  • But Germany has not given in. Confronted with these massive challenges, it has patiently sought to diversify away from a dependence on Russia, investing even more in green technology, buying liquefied natural gas, reopening coal-fired plants and even debating whether to keep its last three nuclear power plants running longer than planned.
  • The European Union has suggested a 15 percent reduction in the consumption of natural gas this winter. Germany is trying to achieve a 20 percent cut just to be safe. German industry is being resourceful about energy efficiency, and companies are even thinking about sharing resources with competitors, all to get through the crisis.
  • Merkel herself was seen in similar ways when she came to power. Over time she developed the skills and stature to gain respect from all quarters. She might have erred in trying to develop too conciliatory a relationship with Moscow
  • but when Russia invaded Ukraine in 2014, she was at the forefront in condemning it and persuading Europe to impose an ambitious program of sanctions. She also led the world in responding to the Syrian refugee crisis, reassuring her country by declaring, “We can do this.” As of mid-2021, Germany hosts more than 1.2 million refugees, half of whom are from Syria. In fact, Germany has managed this stunning act of integration with minimal problems.
  • We always underestimate modern-day Germany and its leadership. The federal republic has had a remarkable run of leaders in the post-World War II era, from its first chancellor, Konrad Adenauer, to Willy Brandt to Helmut Schmidt to Merkel — and now, let’s hope, to Scholz. Can any other country compare over the past seven decades?
  • In 1945, no one would have predicted that Germany would develop as it has. It came out of the war utterly destroyed, its cities flattened, its population starving. Around 12 million ethnic Germans who had been expelled from other countries poured into Germany. Above all, postwar Germany was scarred by the gruesome legacy of Adolf Hitler and the Holocaust. But the country found a way to overcome its past, to become, in Henry Kissinger’s words, “a normal country … with an abnormal memory.” And that much larger Zeitenwende is one of the great good news stories of our times.
Javier E

Ukraine Crisis Kicks Off New Superpower Struggle Among U.S., Russia and China - WSJ - 0 views

www.wsj.com/...s-russia-and-china-11645629753

US grand strategy 2022

shared by Javier E on 24 Feb 22 - No Cached
  • Russia’s audacious military mobilization in and around Ukraine is the first major skirmish of a new order in international politics, with three major powers jostling for position in ways that threaten America’s primacy.
  • Russia and China have built a thriving partnership based in part on a shared interest in diminishing U.S. power. Unlike the Sino-Soviet bloc of the 1950s, Russia is a critical gas supplier to Europe, while China isn’t an impoverished, war-ravaged partner but the world’s manufacturing powerhouse with an expanding military.
  • To do this, Mr. Putin shifted military units from Russia’s border with China, showing confidence in his relations with Beijing. The two powers, in effect, are coordinating to reshape the global order to their advantage, though their ties stop short of a formal alliance.
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  • Russian President Vladimir Putin is demanding that the West rewrite the post-Cold War security arrangements for Europe and demonstrated that Russia has the military capability to impose its will despite Western objections and economic sanctions.
  • “We all thought we were looking at a Europe whole, free and at peace indefinitely,” said Michele Flournoy, who served as the Pentagon’s top policy official during the Obama administration. “We knew that Russia would conduct gray zone operations and that Putin would use his KGB playbook to create instability on his periphery. But a wholesale invasion of a sovereign country to reorient its government is a different moment.”
  • “And we’re seeing that while Beijing doesn’t really like Putin’s tactics, they’re willing to band together as authoritarian states against the Western democracies,” Ms. Flournoy added. “We are going to see more and more of that in the future.”
  • China’s Communist Party leadership also saw pro-democracy protest movements in former Soviet republics as U.S.-engineered plots that could ultimately be used against Beijing.
  • For much of the past decade, the U.S. security establishment began taking note of what the Pentagon in 2015 called the “re-emergence of great power competition” and shifted from its emphasis of counterterrorism operations in the Middle East and Southwest Asia.
  • Defense Secretary Lloyd Austin has repeatedly cast China as the “pacing challenge” while Russia was seen as the lesser longer-term danger.
  • Even with annual defense budgets that soared over $700 billion, coping with an urgent Russian-generated crisis while preparing for a Chinese threat whose peak is still years away presents an enormous challenge for the Pentagon.
  • ”The United States is particularly at risk of being overwhelmed should its military be forced to fight on two or more fronts simultaneously,” said a Congressionally mandated study of the Pentagon’s strategy that was issued in 2018
  • The era of nuclear reductions may come to an end as the U.S. military establishment argues for a large enough nuclear arsenal to deter both Russia’s formidable nuclear weaponry and China’s rapidly growing nuclear forces, which aren’t limited by any arms-control agreement.
  • “The United States is going to have to get used again to operating in multiple theaters simultaneously—not just militarily, but in terms of psychology and foreign-policy making,”
  • Already, debates are emerging among U.S. defense experts on whether the Pentagon should give equal weight to the twin challenges from Beijing and Moscow or focus more on the Pacific.
  • Should the West impose crippling sanctions on Russian banks and major companies, Moscow is likely to become more reliant on Beijing, which has issued a digital currency and is building a payments system separate from the West’s.
  • “It is already ending the amnesia about the importance of energy security,” said Daniel Yergin, vice chairman of research firm IHS Markit. “It means a new emphasis on diversification of energy sources for Europe and a new look at U.S. domestic and international energy policies.”
  • Advocates of using energy as a geopolitical tool say Washington should promote investment in U.S. oil and natural gas and approve new LNG export terminals and pipelines in the United States.
  • The 1997 NATO-Russia Founding Act precludes the alliance from permanently stationing additional substantial combat forces on the territory of its new Eastern and Central European members, but could now be repealed.
  • A recent poll by the European Council on Foreign Relations noted most Europeans see the Ukraine crisis as a broader threat to Europe. Some current and former officials, however, worry that the alliance’s solidarity could fray in the years ahead as it debates the need for greater military spending and wrestles whether its military ties with Georgia might stir new confrontations with Moscow.
  • the Alphen Group by former officials and other experts urges that European members of the alliance and Canada provide for 50% of NATO’s minimum military requirements by 2030 so the U.S. can focus more on deterring China.
  • “Everybody’s unified right now and outraged about what the Russians are doing,” said Alexander Vershbow, a former U.S. ambassador to NATO who also served as the alliance’s deputy secretary-general from 2012 to 2016. “But when we get down to making longer-term commitments to strengthen NATO’s defense posture and potentially revisit nuclear issues, it could become very divisive.”
Javier E

Europe's Energy Risks Go Beyond Natural Gas - The New York Times - 0 views

www.nytimes.com/...eu-energy-crisis-gas.html

shared by Javier E on 17 Dec 22 - No Cached
  • To fill the gap, Europe had to go searching for new sources and found it primarily in liquefied natural gas from the United States, where production is expected to hit a record high this year. LNG is about 600 times more compact than its gaseous form and can be moved anywhere in the world through specialized ships and ports.
  • In 2017, wind surpassed hydroelectricity as the largest renewable source of power for the European Union.
  • A record year for solar and wind power saved the European Union €11 billion in gas costs this year, generating around a quarter of total electricity since the war began
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  • In May, the European Commission put out a plan for achieving energy independence from Russia that leaned further into the renewable energy transition. Known as REPowerEU, it encourages diversifying fossil fuel sources and accelerating the adoption of renewable energy sources like wind and solar, and also pushes for greater energy savings.
  • major challenges remain. Solar power, in particular, has supply chain risks of its own. China has a near-monopoly on the raw materials and technical expertise to produce photovoltaic cells for solar panels. An analysis from Bloomberg BNEF found it would take nearly $150 billion for Europe to build the plants to manufacture enough solar capacity and storage to meet demand by 2030.
  • Achieving energy security and meeting climate goals will take far greater investment and cooperation between European countries than ever before, according to energy experts.
  • “One of Europe’s founding fathers — Jean Monnet — used to say that Europe would be made out of crisis,” said Simone Tagliapietra, a senior fellow at Bruegel, an energy think tank. “Europe will come out of this energy crisis more united when it comes to energy and climate policy.”
Javier E

Mike Johnson's Ukraine Moment - WSJ - 0 views

www.wsj.com/...republicans-joe-biden-2b21c584

wsj ukraine GOP politics crisis aid policy

shared by Javier E on 09 Apr 24 - No Cached
  • Mr. Biden has abdicated his obligation to build bipartisan support for U.S. assistance to Ukraine. He has made no show of outreach to the Republicans who have voted for U.S. support to Ukraine.
  • Voters hold Presidents responsible for trouble on their watch, and they know Mr. Biden has framed the fight in Ukraine as an inflection point in history in the struggle between freedom and autocracy. The White House is so far indicating that it won’t abide a trade on natural gas, but is the President’s election-year LNG sop to the climate lobby really worth an historic blow to U.S. credibility if Ukraine falls to Mr. Putin?
  • n the end we hope he will let the House work its will in a floor vote on the Senate’s aid bill. House Republicans can rightly sell the vote as a down payment on U.S. rearmament on everything from 155mm ammunition to Patriot missiles. Ditto for more funding for Israel’s air defenses and Taiwan that is also part of the Senate bill thanks to Republicans like Alaska’s Dan Sullivan.
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