Economics Of Pessimism And Optimism
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| Author | : Kiyohiko G. Nishimura |
| Publisher | : Springer |
| Total Pages | : 341 |
| Release | : 2017-11-13 |
| Genre | : Business & Economics |
| ISBN | : 4431559035 |
This is the first book to investigate individual’s pessimistic and optimistic prospects for the future and their economic consequences based on sound mathematical foundations. The book focuses on fundamental uncertainty called Knightian uncertainty, where the probability distribution governing uncertainty is unknown, and it provides the reader with methods to formulate how pessimism and optimism act in an economy in a strict and unified way. After presenting decision-theoretic foundations for prudent behaviors under Knightian uncertainty, the book applies these ideas to economic models that include portfolio inertia, indeterminacy of equilibria in the Arrow-Debreu economy and in a stochastic overlapping-generations economy, learning, dynamic asset-pricing models, search, real options, and liquidity preferences. The book then proceeds to characterizations of pessimistic (ε-contaminated) and optimistic (ε-exuberant) behaviors under Knightian uncertainty and people’s inherent pessimism (surprise aversion) and optimism (surprise loving). Those characterizations are shown to be useful in understanding several observed behaviors in the global financial crisis and in its aftermath. The book is highly recommended not only to researchers who wish to understand the mechanism of how pessimism and optimism affect economic phenomena, but also to policy makers contemplating effective economic policies whose success delicately hinges upon people’s mindsets in the market. Kiyohiko Nishimura is Professor at the National Graduate Institute for Policy Studies (GRIPS) and Professor Emeritus and Distinguished Project Research Fellow of the Center for Advanced Research in Finance at The University of Tokyo. Hiroyuki Ozaki is Professor of Economics at Keio University.
| Author | : Tali Sharot |
| Publisher | : Vintage |
| Total Pages | : 273 |
| Release | : 2011-06-14 |
| Genre | : Science |
| ISBN | : 0307379833 |
Psychologists have long been aware that most people maintain an irrationally positive outlook on life—but why? Turns out, we might be hardwired that way. In this absorbing exploration, Tali Sharot—one of the most innovative neuroscientists at work today—demonstrates that optimism may be crucial to human existence. The Optimism Bias explores how the brain generates hope and what happens when it fails; how the brains of optimists and pessimists differ; why we are terrible at predicting what will make us happy; how emotions strengthen our ability to recollect; how anticipation and dread affect us; how our optimistic illusions affect our financial, professional, and emotional decisions; and more. Drawing on cutting-edge science, The Optimism Bias provides us with startling new insight into the workings of the brain and the major role that optimism plays in determining how we live our lives.
| Author | : Gregg Easterbrook |
| Publisher | : PublicAffairs |
| Total Pages | : 378 |
| Release | : 2018-02-20 |
| Genre | : History |
| ISBN | : 1610397428 |
Is civilization teetering on the edge of a cliff? Or are we just climbing higher than ever? Most people who read the news would tell you that 2017 is one of the worst years in recent memory. We're facing a series of deeply troubling, even existential problems: fascism, terrorism, environmental collapse, racial and economic inequality, and more. Yet this narrative misses something important: by almost every meaningful measure, the modern world is better than it ever has been. In the United States, disease, crime, discrimination, and most forms of pollution are in long-term decline, while longevity and education keep rising and economic indicators are better than in any past generation. Worldwide, malnutrition and extreme poverty are at historic lows, and the risk of dying by war or violence is the lowest in human history. It's not a coincidence that we're confused -- our perspectives on the world are blurred by the rise of social media, the machinations of politicians, and our own biases. Meanwhile, political reforms like the Clean Air Act and technological innovations like the hybridization of wheat have saved huge numbers of lives. In that optimistic spirit, Easterbrook offers specific policy reforms to address climate change, inequality, and other problems, and reminds us that there is real hope in conquering such challenges. In an age of discord and fear-mongering, It's Better Than It Looks will profoundly change your perspective on who we are, where we're headed, and what we're capable of.
| Author | : Tyler COWEN |
| Publisher | : Harvard University Press |
| Total Pages | : 289 |
| Release | : 2009-06-30 |
| Genre | : Business & Economics |
| ISBN | : 0674029933 |
Does a market economy encourage or discourage music, literature, and the visual arts? Do economic forces of supply and demand help or harm the pursuit of creativity? This book seeks to redress the current intellectual and popular balance and to encourage a more favorable attitude toward the commercialization of culture that we associate with modernity. Economist Tyler Cowen argues that the capitalist market economy is a vital but underappreciated institutional framework for supporting a plurality of co-existing artistic visions, providing a steady stream of new and satisfying creations, supporting both high and low culture, helping consumers and artists refine their tastes, and paying homage to the past by capturing, reproducing, and disseminating it. Contemporary culture, Cowen argues, is flourishing in its various manifestations, including the visual arts, literature, music, architecture, and the cinema. Successful high culture usually comes out of a healthy and prosperous popular culture. Shakespeare and Mozart were highly popular in their own time. Beethoven's later, less accessible music was made possible in part by his early popularity. Today, consumer demand ensures that archival blues recordings, a wide array of past and current symphonies, and this week's Top 40 hit sit side by side in the music megastore. High and low culture indeed complement each other. Cowen's philosophy of cultural optimism stands in opposition to the many varieties of cultural pessimism found among conservatives, neo-conservatives, the Frankfurt School, and some versions of the political correctness and multiculturalist movements, as well as historical figures, including Rousseau and Plato. He shows that even when contemporary culture is thriving, it appears degenerate, as evidenced by the widespread acceptance of pessimism. He ends by considering the reasons why cultural pessimism has such a powerful hold on intellectuals and opinion-makers.
| Author | : Dan P. McAdams |
| Publisher | : Guilford Publications |
| Total Pages | : 640 |
| Release | : 2018-12-20 |
| Genre | : Psychology |
| ISBN | : 1462536972 |
Bringing together prominent scholars, this authoritative volume considers the development of personality at multiple levels--from the neuroscience of dispositional traits to the cultural shaping of life stories. Illustrated with case studies and concrete examples, the Handbook integrates areas of research that have often remained disparate. It offers a lifespan perspective on the many factors that influence each individual's psychological makeup and examines the interface of personality development with health, psychopathology, relationships, and the family. Contributors provide broad-based, up-to-date reviews of theories, empirical findings, methodological innovations, and emerging trends. See also the authored volume The Art and Science of Personality Development, by Dan P. McAdams.
| Author | : Ronald Bailey |
| Publisher | : Cato Institute |
| Total Pages | : 199 |
| Release | : 2020-08-31 |
| Genre | : Social Science |
| ISBN | : 1948647745 |
“I would say that learning this material ... has lifted some of the existential weight from me. Things aren’t as bad as they are trumpeted to be. In fact, they’re quite a bit better, and they’re getting better, and so we’re doing a better job than we thought. There’s more to us than we thought. We’re adopting our responsibilities as stewards of the planet rapidly. We are moving towards improving everyone’s life." —Jordan B. Peterson, Beyond Order: 12 More Rules for Life Think the world is getting worse? If so, you’re wrong. The world is, for the most part, actually getting better. But 58 percent of people in 17 countries who were surveyed in 2016 thought that the world was either getting worse or staying the same. Americans were even more glum: 65 percent thought the world was getting worse and only 6 percent thought it was getting better. The uncontroversial data on major global trends in this book will persuade you that this dark view of the state of humanity and the natural world is, in large part, badly mistaken. World population will peak at 8–9 billion before the end of this century, as the global fertility rate continues its fall from 6 children per woman in 1960 to the current rate of 2.4. The global absolute poverty rate has fallen from 42 percent in 1981 to 8.6 percent today. Satellite data show that forest area has been expanding since 1982. Natural resources are becoming ever cheaper and more abundant. Since 1900, the average life expectancy has more than doubled, reaching more than 72 years globally. Of course, major concerns such as climate change, marine plastic pollution, and declining wildlife populations are still with us, but many of these problems are already being ameliorated as a result of the favorable economic, social, and technological trends that are documented in this book. You can’t fix what is wrong in the world if you don’t know what’s actually happening. Ten Global Trends Every Smart Person Should Know will provide busy people with quick-to-read, easily understandable, and entertaining access to surprising facts that they need to know about how the world is really faring.
| Author | : Jeffrey Paul Von Arx |
| Publisher | : Harvard University Press |
| Total Pages | : 268 |
| Release | : 1985 |
| Genre | : History |
| ISBN | : 9780674713758 |
Faith in progress is a characteristic we often associate with the Victorian era. Victorian intellectuals and free-thinkers who believed in progress and wrote history from a progressive point of view--men such as Leslie Stephen, John Morley, W. E. H. Lecky, and James Anthony Froude--are usually thought to have done so because they were optimistic about their own times. Their optimism has been seen as the result of a successful Liberal campaign for political reform in the sixties and seventies, carried out in alliance with religious dissenters--a campaign that removed religion from the arena of public debate. Jeffrey Paul von Arx challenges this long-standing view of the Victorian intellectual aristocracy. He sees them as preoccupied with and even fearful of a religious resurgence throughout their careers, and demonstrates that their loss of confidence in contemporary liberalism began with their disillusionment over the effects of the Franchise Reform Act of 1867. He portrays their championing of the idea of progress as motivated not by optimism about the present, but by their desire to explain away and reverse if possible contemporary religious and political trends, such as the new mass politics in England and Ireland. This is the first book to explore how pessimism could be the psychological basis for the Victorians' progressive conception of history. Throughout, von Arx skillfully interweaves threads of religion, politics, and history, showing how ideas in one sphere cannot be understood without reference to the others.
| Author | : Ajay Agrawal |
| Publisher | : University of Chicago Press |
| Total Pages | : 172 |
| Release | : 2024-03-05 |
| Genre | : Business & Economics |
| ISBN | : 0226833127 |
A timely investigation of the potential economic effects, both realized and unrealized, of artificial intelligence within the United States healthcare system. In sweeping conversations about the impact of artificial intelligence on many sectors of the economy, healthcare has received relatively little attention. Yet it seems unlikely that an industry that represents nearly one-fifth of the economy could escape the efficiency and cost-driven disruptions of AI. The Economics of Artificial Intelligence: Health Care Challenges brings together contributions from health economists, physicians, philosophers, and scholars in law, public health, and machine learning to identify the primary barriers to entry of AI in the healthcare sector. Across original papers and in wide-ranging responses, the contributors analyze barriers of four types: incentives, management, data availability, and regulation. They also suggest that AI has the potential to improve outcomes and lower costs. Understanding both the benefits of and barriers to AI adoption is essential for designing policies that will affect the evolution of the healthcare system.
| Author | : Charlotte Hays |
| Publisher | : Regnery Publishing |
| Total Pages | : 226 |
| Release | : 2013-10-28 |
| Genre | : Humor |
| ISBN | : 1621571602 |
Tattoos. Unwed pregnancy. Giving up on shaving…showering…and employment. These used to be signatures of a trashy individual. Now they’re the new norm. What happened to etiquette, hygiene, and self restraint? Charlotte Hays, Southern gentlewoman extraordinaire, takes a humorous look at the spread of white trash culture to all levels of American society.
| Author | : Ruy Teixeira |
| Publisher | : St. Martin's Press |
| Total Pages | : 273 |
| Release | : 2017-03-07 |
| Genre | : Political Science |
| ISBN | : 1250089662 |
Teixeira examines "the structural and economic shifts remaking advanced societies and [believes] that the left is in a far better position to advance its agenda than the right. Eventually, [he says], the right will be forced to play on the left's terms to be competitive. This is because only the left has growing, not declining, coalitional strength and only the left is willing to confront and solve capitalism's 'Piketty problem' (a vicious cycle of rising inequality, stagnating living standards, and slowing economic growth) by building a new equitable-growth 'opportunity state'"--
