Behavioural economics

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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
• Risk is bad

• Risk is inevitable
• Risk is a condition precedent to return. Understand and manage risks; don’t try to banish them.

• This time it is different
• We have banished risk

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