All items about economics


Computers make better decisions than humans because they aren’t weighed down by biases, ego, and the need to rationalize decisions after the fact. An economically rational player would make more money on Deal Or No Deal than a stupid human. We can’t help it: it’s the way we evolved. Everything from shopping, to teamwork, to the way we elect our leaders is tainted with the stupidity of how we make decisions.

Just as external storage can become a form of prosthetic memory, so computers can become prosthetic decision-makers. If we were to make them understand the dilemmas before us, computer assistants could advise us on the economically rational thing to do.

Would we be able to deal with being told we’re wrong so much of the time?

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We’ve all grown accustomed to a free web, but the reality is, content creators including bloggers, artists or musicians, need to get paid if the creative economy is to flourish. But attempts to charge for newspapers online showed that people are not inclined to pay for access to lots of different sites. Here is a possible solution, Flattr – a flat rate payment which is split between all sorts of different creators by just clicking an icon.

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