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Lila H.
@lila_vhh172
The Nobel Prize and Global Recognition
The nominations for the Peace Prize has gradually increased from the first year it was recorded in 1904, swelling from 22 to 376 in 2016.
Media coverage regarding the awards is also much bigger than before, resulting in an increased awareness of the prize.
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Elizabeth V.
@elizabethvv67
Management of Common Pool Resources
Political science professor Elinor Ostrom showed that common-pool resources, such as water supplies or fish, can be effectively managed collectively without government or p...
Behavioural Economics
The economic theory of expected utility maximization says that people will act out of rational self-interest. But psychologist Daniel Kahneman showed that it is incorrect.
- Common cognitive biases cause people to use faulty reasoning to make irrational decisions, such as the anchoring effect, the planning fallacy, and the illusion of control.
- People make decisions by using irrational guidelines such as perceived fairness and loss aversion, which are based on feelings, attitudes, and memories.
- People tend to use general rules, such as representativeness, to make judgments in contradiction to the laws of probability.
Asymmetric Information
- In 2001, George A. Akerlof, A. Michael Spence, and Joseph E. Stiglitz won the prize "for their analyses of markets with asymmetric information."
- Economic models predicated on perfect information are often misguided. In reality, one party usually has superior knowledge, such as in the car market, where sellers know more than buyers about the quality of their vehicles and can lead to a market of lemons (adverse selection.)
- Better-informed market participants can transmit information to lesser-informed participants. Job applicants can use educational attainment as a signal to prospective employers about their likely productivity; corporations can signal their profitability to investors by issuing dividends.
Nicholas J.
@nicij783
Secrets of the Creative Brain
Early History
The connection between genius and possible insanity was first documented in 1891 in the Italian physicians’ book The Man Of Genius.
In 1869, this was taken up by the cousin of Charles Darwi...
Genius and Heredity
In a 1904 study by English physician Havelock Ellis, a list was made of 1030 individuals through extensive research, examining thoroughly the intellectual distinction people had by the various factors like heredity, general health, and social class.
These works established that genius minds are often hereditary.
Genetic Studies Of Genius
A body of work of Stanford psychologist Lewis M. Terman, was an in-depth multi-decade study of gifted individuals, and an attempt to improve the measurement of genius and its association with the degradation of mental stability. This also included an enhanced version of the French IQ (Intelligence Quotient) test.
Aurora M.
@aurbm231
How to Do What You Love
Doing what you love is complicated
As kids, playing was described as fun while work was pretty much defined as not-fun. In school, it was implied that work was monotonous because it was in preparation for grownup work. Grownups a...
Bounds
Keep in mind this question: How much are you supposed to enjoy what you do? If you underestimate your answer, you'll tend to stop searching too early.
Liking your work does not mean doing what makes you happiest in this second, but what will make you most satisfied over a more extended period, like a week or a month. Your work should be your favorite thing to do. It should be something you admire.
What you should not do
- Don't worry about the opinion of anyone beyond your friends.
- Don't worry about prestige. Prestige is the opinion of the rest of the world. If you do anything well enough, you'll make it prestigious.
- Don't be led astray by money, especially when money is combined with prestige.
A test of whether you love what you do is if you would do it even if you weren't paid for it. (Even if you had to work at another job to make a living.)
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