Nobel Laureate in Economics: Take advantage of human weakness

How can policymakers gain a better goal by "recognizing" human weakness? On October 9th, the Nobel Prize in Economics in 2017 was awarded to Richard H. Thhaler, a professor at the University of Chicago, who tried to solve the problem for more than thirty years, in recognition of his behavioral economy Learn to make outstanding contributions to the field.

The Nobel Prize Review Committee of the Royal Swedish Academy of Sciences gave the award that Cypriot incorporated the psychological reality assumptions into economic decision analysis by exploring limitedrityity, social preferences and lack of self-control ), Revealing how the personality traits systematically influenced individual decision-making and market prospects, "making economics more human."

Revealing human weakness

If the official interpretation of the Nobel Prize will be too jerky, Seiler has said a playful words are popular to explain his research direction. At a scholarly meeting, Sahel and the neoclassical macro economist Robert Barrow argued: "The difference between our model is that Barrow thinks that the people in his model are as clever as he is, and I think they are As stupid as me.

Fudan University finance professor Qian Jun accepted the first financial reporter said that Seiler's outstanding thing is that he can carry out economic theory research, but also can carry out empirical research on economics, which is important is the design of the test Collecting data analysis of personal behavior, design questionnaires, from the simplest ideas began to establish a simple theoretical model, take the initiative to observe the behavior of consumers, investors. The importance of this theory is that the correct theory can rise to policy, and vice versa is dangerous.

In the qualitative wind of Europe and the United States, Saile is a somewhat unique presence: he publicly admitted that he was lazy, and mathematics is not very good. In the 1970s, Seiler pursued a doctorate at the University of Rochester in the north of New York State, but the book did not read well, and his mentor, Rosen, did not feel that he had a special place. It was suggested that he read Reading Connor (also known as the Nobel laureate in economics) and Tevezky's psychology.

"I am from the two published in the journal Science, 'The judgment of uncertainty: heuristics and prejudice' began to read, and at that time I knew nothing about the heuristic, But my heart started to jump like a game that ended up a few minutes so fast, it took me thirty minutes to read the article, and then my life changed completely.