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Asignatura: Economic Institutions and Markets, Profesor: Mircea Epure, Carrera: International Business Economics, Universidad: UPF
Tipo: Apuntes
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Based on: ARRUÑADA, B. (2008), “Human Nature and Institutions”, in Eric Brousseau and Jean-Michel Glachant, eds., New Institutional Economics: A Guidebook , Cambridge: Cambridge University Press, pp. 81-99; & ppt Arruñada, B.
(decision- making)
(as main interest area)
Mind and institutions (I): Consequences of cognitive specialisation
(decision- making)
(as main interest area)
o The brain “costs”: 2% of body mass but 20% of energy consumption. o Modular mind vs. General processing mind § Modules adapted for efficiently using information according to its structure: different environment—different structure. § “Better than rational”. Minimise the use of information, use right tools to speed up decisions and produce sophisticated solutions § Content: full of innate solutions—instincts: ü Grammar, sexual attraction, fear, social interchange, etc. ü An interesting journey: http://www.msnbc.msn.com/id/
Consequences of our cognitive specialisation II o Mind adapted to ancestral environment: § Knowledge à technological change more rapid than evolution à ü Success: other animals only invent via biological evolution ü Instincts not adapted to the environments we create
“Environment of adaptive evolution:” hunter-gatherers close to subsistence levels during the Pleistocene (years 1,800,000 to 10,000)
(decision- making)
(as main interest area)
o Instinctive à “Better than rational”: § Our mind solves problems with “no solution” § We use instincts, heuristics, emotions § Evidence that without emotion we have a hard time making decisions at all o Ecological à Economical § Solves problems relevant for survival ü p.eg., food, status, reproduction § Does not “lose time” with other irrelevant problems: ü p.eg., science
o Vision = 2D à 3D o Is the horse coming or going? o Presence of various heuristics is detected when only one is active à § Bad perception § “anomalies” (or tricks)
o If bees are good Bayesian calculators should humans also be? § We are, instinctively : “Bayes Rules” (The Economist , 2006). § But our mind is economical in using resources. Risk aversion.
