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“Economics is life, and life is economics.”
— John Record
John A. Record (@Econ_4_Everyone) is the Kenneth C. Griffin Distinguished Service Professor in Economics on the College of Chicago.
His analysis has led to collaborative work with a number of completely different companies, together with Lyft, Uber, United Airways, Virgin Airways, Humana, Sears, Kmart, Fb, Google, Normal Motors, Tinder, Citadel, Walmart, and a number of other nonprofits. For many years, his discipline experimental analysis has centered on points associated to the interior workings of markets; the consequences of assorted incentives schemes on market equilibria and allocations; how behavioral economics can increase the usual financial mannequin; early childhood schooling and interventions; and, most just lately, on the gender earnings hole within the gig financial system (utilizing proof from rideshare drivers).
His analysis contains greater than 200 peer-reviewed journal articles and a number of other revealed books, together with the most effective vendor he coauthored with Uri Gneezy, The Why Axis: Hidden Motives and the Undiscovered Economics of On a regular basis Life, and his new guide, The Voltage Impact: Make Good Concepts Nice and Nice Concepts Scale.
Record was elected a member of the American Academy of Arts and Sciences in 2011 and a fellow of the Econometric Society in 2015. He acquired the 2010 Kenneth Galbraith Award, the 2008 Arrow Prize for Senior Economists for his analysis in behavioral economics within the discipline, and was the 2012 Yrjö Jahnsson Lecture Prize recipient. He’s a present editor of the Journal of Political Economic system.
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#566: John Record — A Grasp Economist on Rising Tipping, Strategic Quitting, Maximizing Charitable Fundraising, Baseball Playing cards, Idea of Thoughts, and Invaluable Choices on the Margin
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What was your favourite quote or lesson from this episode? Please let me know within the feedback.
SCROLL BELOW FOR LINKS AND SHOW NOTES…
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#199: Stephen Dubner — The Artwork of Storytelling and Dealing with Malcolm Gladwell in a Fist Combat
SELECTED LINKS FROM THE EPISODE
The Voltage Impact Web site | Private Web site
SHOW NOTES
- What’s a clawback incentive, and the way has John discovered it helpful as a father of eight youngsters? What different incentives have confirmed to be efficient social instruments in the actual world? [07:44]
- The negative effects of modifying or eradicating incentives, how incentive sturdiness is measured, and why getting human beings to tackle short-term inconveniences for long-term however far-off rewards might be troublesome. [15:23]
- John particulars his in depth work researching the science of charitable giving and tipping (notably with ridesharing) and what he’s found over time. [22:33]
- Why the power to publish his work in educational journals was the deciding think about John’s acceptance of a job at Uber over Amazon, and what analysis needed to say in regards to the efficacy of tipping ranges in person interfaces. [35:07]
- What knowledge says about customer support and the ability of apologies, and the implications of permitting such knowledge to be revealed in educational journals as a substitute of hidden away in some proprietary lockbox. [44:04]
- What John discovered about human nature by measuring social preferences and repute results in precise transactions as an economist — and through his time as a baseball card seller. [51:52]
- John’s ideas on crucial pondering hierarchy, concept of thoughts, and what the bar scene in A Lovely Thoughts obtained mistaken in regards to the Nash equilibrium. [57:54]
- How does somebody develop concept of thoughts as an relevant ability? [1:03:09]
- How John got here to win a poker match in Australia whereas killing time earlier than a convention. [1:07:34]
- What prompted John to put in writing The Voltage Impact: Make Good Concepts Nice and Nice Concepts Scale? [1:10:26]
- John addresses the replication and credibility crises in science, and their real-world penalties. [1:15:38]
- “Scaling is just not a silver bullet drawback. Relatively, it’s an Anna Karenina drawback.” verify the very important indicators that decide if an concept is scalable, with Jonas Salk’s success in conquering polio by means of vaccination serving for example. [1:19:36]
- Untended negative effects of failing to grasp spillovers whereas scaling — like when the introduction of tipping to the ridesharing dynamic presents drivers with a brand new set of issues, or when drivers exploit technical loopholes to ditch accountability for rudely cancelling a buyer’s pickup from afar. [1:28:09]
- Why did John have such a sluggish begin coming into the job market after getting his PhD? What was holding him again? [1:36:34]
- Is there any utility for fractal arithmetic to economics? [1:41:26]
- Scalable incentives, marginal pondering, optimum quitting, and constructing tradition. [1:45:46]
- Why is StubHub one in every of John’s favourite apps? [2:07:46]
- Ideas on blockchain as a wealthy supply of information for behavioral economists. [2:09:10]
- How ought to a contemporary, uninitiated viewers strategy Adam Smith’s The Wealth of Nations? [2:12:05]
- Parting ideas. [2:16:30]
MORE JOHN LIST QUOTES FROM THE INTERVIEW
“Economics is life, and life is economics.”
— John Record
“With a bit of bit of information, and simply an economics 101 understanding, you possibly can actually go an extended solution to change the world and make it a greater place — from the White Sox to the White Home.”
— John Record
“Scaling is just not a silver bullet drawback. Relatively, it’s an Anna Karenina drawback.”
— John Record
“Only a few individuals is not going to screw one another. There are only a few good individuals on the market.”
— John Record
“We’re going to vary the world by understanding the science of utilizing science.”
— John Record
“To make use of the world as your lab is a good alternative to make the world a greater place.”
— John Record
Hearken to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or in your favourite podcast platform.
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