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Publication Name: Knowing and Making

Brief description: A blog about cognitive and behavioural economics. Building mathematical models of how psychology influences economic systems.

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Owner Name: Leigh Caldwell

Joined: August 20th, 2011

Activity

Knowing and Making wrote a new blog post titled Reporting back: the Cognitive Economics session at the AEA conference

[Tara posting today] We had a great response to our Cognitive Economics session at the American Economic Association’s conference a few weeks ago. For those who weren’t there, here’s a quick summary of the four papers presented, and the discussion at the end. Dan Benjamin, Kristen Cooper, Ori Heffetz, and Miles Kimball presented What Do People Want? The key question of this paper is: how can we measure happiness? And how do we account for the biases and differences across different groups...
(20 days ago)

Knowing and Making wrote a new blog post titled What makes a useful theory?

If conventional economic theory is so wrong (as we are repeatedly told) why does it survive so well? This post by UnlearningEcon prompted me to think again about why economics, despite widely accepted empirical data from behavioural econ, is broadly taught in the same way as before, and why its basic assumptions still underpin much modern research. Some have a sociological explanation for this. In this view, economists are invested in the old approaches, have spent decades honing...
(20 days ago)

Knowing and Making wrote a new blog post titled Three systems: a mechanism for mental and social narrative

Alex Rosenberg says here that we are instinctively driven by stories, narrative and theory of mind - a very useful instinct on the small scale - although that instinct can be misleading on the larger scale of history and politics. His book on this claim is also out, though I haven't read it yet. It seems uncontroversial that the idea of narrative has a powerful hold on how we think. There are thousands of discussions of storytelling as a way for us to bond with other people, and the biases...
(87 days ago)

About:

This blog is about cognitive and behavioural economics. It discusses their impact on economic theory, and how to apply them in business, especially in pricing and marketing. It also explores how our perceptions and mental models affect the macroeconomy.

It is written by Leigh Caldwell (email me at leigh@inon.com).

My other blog is Pricing Revolution, specifically around innovative pricing models and advice on how businesses can set their prices.

As well as writing this blog, I am chief executive of Inon Pricing Advisers - which uses behavioural economics and psychology research to help companies charge the right prices for their products. Please click through to find out more.

I am also founder of think tank Intellectual Business which publishes research and policy papers on how ideas from economics can be used in business and in the public sector.