background preloader

Herd Behaviour

Herd Behaviour
AS & A2 Economics - Intensive Exam Coaching & Revision Workshops: Book Now! Stratford | Fulham | Bristol | Birmingham | Gateshead | Leeds | Manchester Monday, November 28, 2011 PrintEmailTweet This!Save to Favorites Professor Andrew Oswald from the University of Warwick delivered a pitch-perfect lecture on the significance of herd behaviour in his talk at the LSE tonight. Why has the Economics discipline been so tawdry in understanding better some of the Biology and Psychology behind the behaviour of groups? Herding is associated with behavioural traits such as copying, clustering, imitating and conformity. Paul Ormerod makes some revealing and instructive comments on copying in this excellent video from a recent RSA talk. One of Oswald’s arguments is that in the majority of circumstances, our natural, perhaps sub-conscious instincts to herd serve us well. It turns out that your relative position in the crowd matters a lot! Have a look at your wrists! Why does herding behaviour matter?

Related:  We Are Human.

Eating Disorders “Mirror, mirror on the wall, who’s the fattest one of all?” If you can relate to the above saying, you are not alone. It is estimated that 75 million people worldwide suffer from eating disorders, including anorexia and bulimia. While most are women, about 10 to 15 percent are men. Teenagers and young adults are most likely to have eating disorders, but people of all ages, including young children, can have these conditions. Unfortunately, many suffer in silence, ashamed or embarrassed to seek help, or unaware that help is even out there. Psychology/Sentiment Whenever we see any sort of disruption in markets an explanation usually follows. The headlines will explain that “Markets are going up/down because of this good/bad thing.” News anchors will solemnly intone why the volatility is significant and what it means for one thing or another.

Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism New in Paper: George A. Akerlof, Robert J. Shiller Robert J. Shiller, Co-Winner of the 2013 Nobel Prize in Economics Co-Winner of the 2010 Robert Lane Award for the Best Book in Political Psychology, American Political Science Association Co-Winner of the 2010 Silver Medal Book Award in Entrepreneurship, Axiom Business Winner of the 2009 International Book Award, getAbstract Winner of the 2009 Paul A. Samuelson Award for Outstanding Scholarly Writing on Lifelong Financial Security, TIAA-CREF Winner of the 2009 Finance Book of the Year, CBN (China Business News) Financial Value Ranking Shortlisted for the 2009 Business Book of the Year Award,Financial Times and Goldman Sachs Featured on the Books of the Year list, Financial Times ( Listed on in a review by James Pressley as two of "our favorite financial-crisis books this year" "Akerlof and Shiller are the first to try to rework economic theory for our times. The effort itself makes their book a milestone."--Louis Uchitelle, New York Times Book Review

Robert Shiller on Behavioral Economics In the past twenty years there has been a revolution in economics with the study not of how people would behave if they were perfectly rational, but of how they actually behave. At the vanguard of this movement is Robert Shiller of Yale University. He sits down with Nigel Warburton in this episode of the Social Science Bites podcast.

Mental Health: Hallucinations to Delusions Mental health is tricky since there are many types of diagnosis, together with personality disorders, cognitive disorder, mental diseases and so forth. To understand mental health entirely is nearly impossible, but there are many answers to questions that many have, because all of us directly or indirectly are affected by mental illnesses. Hallucinations Personality Types New Content The Primary Passions [05.15.03] Long & Sedley (pp. 410-11) translate Strobaeus [speaking for the Stoics]: "[O]ne must suppose that some passions are primary and dominant, while others have these as their reference. The generically primary ones are these four: appetite, fear, distress, pleasure. (4) Appetite and fear come first, the former in relation to what appears good, and the latter in relation to what appears bad.

Dan Ariely: 2008 was a good year for behavioral economics Dan Ariely’s second TEDTalk premieres today — and so does the second, revised and expanded edition of his book Predictably Irrational. It’s full of new material, incuding Ariely’s thoughts on the irrationality of the economic collapse that happened since the book debuted in February 2008. Below, Ariely muses on the way the world has changed between then and now: Before the financial crisis of 2008, it was rather difficult to convince people that we all might have irrational tendencies. For example, after I gave a presentation at a conference, a fellow I’ll call Mr. Logic (a composite of many people I have debated with over the years) buttonholed me.

Cialdini's Six Principles of Influence - Communication Skills Training from MindTools Convincing Others to Say "Yes" (Also known as the Six Weapons of Influence) How do you influence others? © iStockphoto/blackred You've come up with a fantastic idea for a new product. Now you need to convince everyone to support it. Why were children removed?, Stealing a generation (asssimilation), Changing rights and freedoms: Aboriginal people, History Year 9, NSW The removal of Indigenous children from their parents was not a new idea, it had been happening for years on the stations and reserves. The children of white men had often been taken away from their Indigenous mothers after birth and given to a white family. As a specific policy by the authorities, Indigenous children had been removed from their homes since the Aboriginal Protection Board was set up in the 1880s.

Neuroticism Emotional stability[edit] At the opposite end of the spectrum, individuals who score low in neuroticism are more emotionally stable and less reactive to stress. They tend to be calm, even-tempered, and less likely to feel tense or rattled. Although they are low in negative emotion, they are not necessarily high on positive emotion. Being high on positive emotion is an element of the independent trait of extraversion. Neurotic extraverts, for example, would experience high levels of both positive and negative emotional states, a kind of "emotional roller coaster". Dan Ariely offers 3 irrational lessons from the Bernie Madoff scandal Dan Ariely, the author of Predictably Irrational, presented a jaw-dropping talk on cheating and dishonesty at TED2009. We’re posting Ariely’s TEDTalk next Tuesday, and we asked him for his thoughts on the Bernie Madoff scandal unfolding now in New York: The first chapter of the Bernie Madoff fiasco has come to a close, with Madoff pleading guilty to 11 charges of fraud yesterday.

mmunicating sustainability: lessons from public health Consumer behaviour change is the challenge of our time. As governments and brands are beginning to realise, upstream improvements are relatively easy to make compared with the herculean task of shifting consumer behaviours downstream. While the sustainability community is just beginning to get to grips with the gravity of this challenge, our colleagues in public health have been wrestling with it for decades. Great progress has been made, but hard lessons have been learned – costly, time-consuming lessons that we can all learn from. People need more information No they don't.

Norepinephrine Medically it is used in those with severe hypotension. It does this by increasing vascular tone (tension of vascular smooth muscle) through α-adrenergic receptor activation. Areas of the body that produce or are affected by norepinephrine are described as noradrenergic. The terms noradrenaline (from the Latin) and norepinephrine (from the Greek) are interchangeable, with noradrenaline being the common name in most parts of the world. However the U.S. National Library of Medicine[3] has promoted norepinephrine as the favored name.

That’s My Stock You Just Trashed I am constantly amazed how individuals react to articles written about stocks they maintain in their portfolio. Recently, much discussion has occurred on this website and across the internet on the purchase of Skype by Microsoft (MSFT). Those that hold Microsoft are certain that it is a great buy and a great product that will allow the company to expand. Those of us that don’t, feel that it was too expensive of a price to pay and that it will have no great long-term effect on the company’s growth prospects.