Behavioural economics: Difference between revisions
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:*Derivatives | :*Derivatives | ||
*Integrity of process is paramount: If the process is perfect, there is no risk | *Integrity of process is paramount: If the process is perfect, there is no risk | ||
*Risk is bad | *We have banished risk; and that [[Risk - Risk Article|risk]] is bad | ||
:*Risk is ''inevitable'' | :*Risk is ''inevitable'' | ||
:*Risk is a condition precedent to return. Understand and manage risks; don’t try to banish them. | :*Risk is desirable: it is a [[condition precedent]] to ''return''. | ||
* | :*Understand and manage risks; don’t try to banish them. | ||
*This time it is different | |||
===Machines versus humans=== | ===Machines versus humans=== | ||
Revision as of 19:18, 5 August 2019
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Landing page for BE ideas.
Lean manufacture
- Are there wastes in our process
- Seven wastes of negotiation
Great dogmas
- Data will make us redundant
- Signal to noise ratio?
- Derivatives
- Integrity of process is paramount: If the process is perfect, there is no risk
- We have banished risk; and that risk is bad
- Risk is inevitable
- Risk is desirable: it is a condition precedent to return.
- Understand and manage risks; don’t try to banish them.
- This time it is different
Machines versus humans
- Have we got the division of labour right?
- Machine - Digital
- Replicable, cheap, free, value zero.
- Ultimate fidelity
- Fast
- Algorithmic: will work. Needs no supervision
- Rules
- Deterministic
- Literal
- Data-dependent
- Human
- Analog
- Error-prone
- Heuristic: might work: Needs supervision
- Slow
- Ambiguous
- Metaphorical
- Evaluation
- Triage versus redundancy
- You can strip a deterministic process out of a messy human one
- You can't force the genuinely intractable analog to the digital