“The Nash equilibrium captures the idea that nobody is forcing you to do the right thing. You are doing just what you want to do to optimize your own benefit. If, however, it’s a resource that is very carefully managed by a central authority, the failure probability is lower.”
“…people have differing, or heterogeneous, aversions to losing. In free societies, where people can exercise decisions based on their differing loss aversion, total use of a common resource is higher than otherwise.”
Research says video and audio marketing pieces work best – not written.
“The words that come out of a person’s mouth convey the presence of a thoughtful mind more clearly than the words typed by a person’s hands—even when those words are identical…A person’s voice communicates not only the content of his or her thinking, but also the humanlike capacity for thinking…Watching video and listening to a recording had similar effects,”
“Smart incumbents will acquire technology cheaper and faster than new companies can acquire users, and the FinTech world will sell [its technology] to them.” Read the rest of this entry »
“…adding an outsider versus an insider actually doubled [the] chance of arriving at the correct solution, from 29% to 60%. The work felt harder, but the outcomes were better.”
Empirical evidence reveals that diversity—heterogeneity in race, culture, gender, etc.—has material benefits for organizations, communities, and nations. However, because diversity can also incite detrimental forms of conflict and resentment, its benefits are not always realized.