Categorii: Tot - politics - morality - property - intervention

realizată de JOSEP RODRIGUEZ RUIZ 1 an în urmă

87

HUMAN MIND - 🧠

Exploring the interactions between externalities, property rights, politics, and morality, the concepts delve into how different groups respond to societal issues. The Coase theorem and transaction costs are central, with high costs leading to inefficiency and low costs to Pareto-efficient outcomes.

HUMAN MIND -  🧠

JOSEP RODRÍGUEZ RUIZ's mind map - 403

HUMAN MIND - 🧠

MORTGAGE LIABILITIES

Economic crisis 2008
Bubble

High prices

Low interests

SIGNALS

Spanish "cajas"

Better conditions than in commercial banks

High demand of loans

Default of many loans

Incentivise quantity lows quality

Guarantees
Assymetric information
To borrow
Spending mind
Marketing trick

High subjective human discount rate

We want to consume NOW

U (conditions short run) > U (conditions long run)

FOR-PROFIT and NOT-FOR-PROFIT FIRMS

Non-for-profit firms
Welfare of minorities
NGO
Social inclusivity
For-profit firms
Create employment
Offer demanded goods
Competitive
Constant innovation
Maximize profits

CORONAVIRUS

2 examples of applications
US

Market-based

PRICE SYSTEM

Signals

Defense production

Incentive for firms to produce

All information is communicated at the moment

Private healthcare system

Spain

Expropiation of medical material in order to redistribute it among population

Disincentivated firms of produce this goods

Central planification + Market system

Mix of public + Private healthcare

BLACK SWAN
Nobody expected this situation

POLIANDRY

GLOBALISATION - NEW TECHNOLOGIES
Stopped poliandry

Change in Indian economic structure

More women available to work

Opened to more world, more oportunities

better to cooperate

INTERNALISE THE EXTERNALITY

3) Problem solved

2) Poliandry allows family keep their lands

1) multiple division of lands

Government - institutions should incentivase it
Minimize RISK
Zero-sum game

GOSSIP

MALADAPTATION
SOCIAL MEDIA

INFLUENCERS / CELEBRITIES

GENETIC BIAS

We consider them as confidence people (like family members)

"Gossip" in business

MARKETING

a lot of information available in short time

INSTANT GRATIFICATION

RISK
We used to avoid it by knowing about

Reproduction

Power

EXTERNALITIES

INTERNALISE THE EXTERNALITIES
VARIAN
Intervention can help to achieve more efficient outcomes
BARGAINING
No market for externalities
Result depending on who has initially the property right
COASE
4 INCHES SPACE BETWEEN AIRPLANES SEATS
BIKES at SIDEWALKS
OKUPAS

Solutions

Intervention of the government

High transaction costs

Not efficient

Increase taxes to ones ho have empty properties

Mad

Moral hazard after the contract

Social movements agree with Okupation

Liberal attitude

Care?

Fairness?

Legal loophole

TRANSACTION COSTS are very high

PROPERTY RIGHT not well defined

TRANSACTION AND BARGAINING COSTS

High

Inefficient outcome

Low

Pareto-efficient outcome

(+)
PROPERTY RIGHTS well defined

TO VOTE

Rational?
Our right

Our obligation?

Social duty

Eliminated by the telematic vote

Low participation on elections

Our vote could change the result?
Effort

KNOWLEDGE

Particular circumstances of time and place
Short run

Better to adapt at each situation

Decentralized

Market system

LESS TRANSACTION COSTS

MORE EFFICIENT

Time and place
Experiences, more individual
Scientific
Centralised

Long run

LESS EFFICIENT

MORE TRANSACTION COSTS

Jerarchy

Theoretical

We all can learn it

SUCCESSFUL

achieved by
Routine

That can be easily reached by

MAKING OUR BED ON DAILY

Feeling of having achieved something every day

Facing uncertainty and obligations

EMOTIONS

HARDWIRED MIND
Ancestors

STATUS

To show power

Leaders

Promoting

Survival

NATURAL SELECTION

Classification before calculus

AVOID RISK

Confidence before realism

Lay on experience

Instincts/Emotions before Reason

PROSPECT THEORY
Influenced by the short run
Humans need TO WIN at least once
Assymetric bias

More affected by losses

Gains

SELF-CONTROL
Without self-control, decisions influenced by emotions are IRRATIONAL
With self-control, decisions influenced by emotions are RATIONAL

POLITICS

HAIDT
MORALITY

CSR

good REPUTATION

Moral matrix

Allows us to

COOPERATE

DIVERSITY

NASH EQUILIBRIUM in society order

without taking into account

PREJUDICES

Attitudes

Conservatives

To a lesser extent,

CENTRALISED POWER

In terms of immigration, for example

Narrow-Minded

Traditional

RISK AVERSE

Liberals

Open-minded

Do no care that much about

Purity

Freedom to do what you want with your body

Authority

We all are equal

Ingroup

They want

Inclusivity

Care about

Fairness

Equality

Harm

5 pillars of morality

Purity - Sanctity

Authority - Respect

Ingroup - Loyalty

FAIRNESS-RECIPROCITY

Harm - Care

MILLENIALS

Work / Contribution
Quality control is essential
COWEN'S RULES

4) Offer "normal" rewards

To avoid stress on employees to achieve it

3) Rewards and promoting generate social approval and good reputation

In order to mantain good work

2) If intrinsec motivation is absent, employee should be motivated in order to make it appear

Rigid + Variable wage

1) Additional efforts should be rewarded

Bonus

Rewards

Promote

COOPERATION

Based on repeated transactions

Private goods

Firms and wages

BASED ON RECIPROCITY

Public goods

Taxes

GLOBALISATION
Conflict

Employee: lower cost of having that millenial working

Employer: lower cost of working at X firm

expectations based on
RECIPROCITY
New times
Non-score education

Problem

Default?

Not having implication on facing problems

Overconfidence

Feedback is needed

Constant feedback

Feedback,

Negative?

Positive? or

Underconfident / Overconfident

More sensitive