Present Bias

 Head Trips  Comments Off on Present Bias
Aug 302012
 

From Planet Money
Given a choice between $50 now and $100 in a month, many people would take the money
now. But offered $50 in a year, or $100 in 13 months, they’d wait the extra month to double
their money.

Another example from This Wikipedia page
In the experiment, subjects of the study were offered free rentals of movies which were classified into two categories – “lowbrow” (e.g. The Breakfast Club) and “highbrow” (e.g. Schindler’s List) – and researchers analyzed patterns of choices made. In the absence of dynamic inconsistency, the choice would be expected to be the same regardless of the delay between the decision date and the consumption date. In practice, however, the outcome was different. When subjects had to choose a movie to watch immediately, the choice was consistently lowbrow for the majority of the subjects. But when they were asked to pick a movie to be watched at later date, highbrow movies were chosen far more often. Among movies picked four or more days in advance, over 70% were highbrow.[3]

 Posted by at 5:47 pm

First Samuel Chapter 8

 Religion  Comments Off on First Samuel Chapter 8
Aug 122012
 

10 And Samuel told all the words of the Lord unto the people that asked of him a king.
11 And he said, This will be the manner of the king that shall reign over you: He will take your sons, and appoint them for himself, for his chariots, and to be his horsemen; and some shall run before his chariots.
12 And he will appoint him captains over thousands, and captains over fifties; and will set them to ear his ground, and to reap his harvest, and to make his instruments of war, and instruments of his chariots.
13 And he will take your daughters to be confectionaries, and to be cooks, and to be bakers.
14 And he will take your fields, and your vineyards, and your oliveyards, even the best of them, and give them to his servants.
15 And he will take the tenth of your seed, and of your vineyards, and give to his officers, and to his servants.
16 And he will take your menservants, and your maidservants, and your goodliest young men, and your asses, and put them to his work.
17 He will take the tenth of your sheep: and ye shall be his servants.
18 And ye shall cry out in that day because of your king which ye shall have chosen you; and the Lord will not hear you in that day.
19 Nevertheless the people refused to obey the voice of Samuel; and they said, Nay; but we will have a king over us;
20 That we also may be like all the nations; and that our king may judge us, and go out before us, and fight our battles.
21 And Samuel heard all the words of the people, and he rehearsed them in the ears of the Lord.
22 And the Lord said to Samuel, Hearken unto their voice, and make them a king. And Samuel said unto the men of Israel, Go ye every man unto his city.

 Posted by at 8:47 pm