Tag Archives: Decision

Bring up Choices – How an Economist Might See Them

From the moment we open our eyes in the morning to the moment we shut them at night, we have made many choices. Some choices are more important than others: to go to college or not, go on one knee or not, or ask for that promotion or not. Actually, Economists have pioneered a unique way to explain our choices and why we make them. The central idea is that we are all rational beings and our choices must pay off in some way. From this, it is possible to model certain situations called games. These games are not video games, nor board games, but share the same idea: players, actions and outcomes. Like in video games, a strategy is a sequence of actions where one strategy may lead to a very different outcome than another strategy. However, strategies may also depend on our belief of the other player’s actions. This then invokes the theory of probability, where many different factors influence an outcome.

Read more

Bring Up Flowers—How do these beautiful blossoms emerge

stephen leonardi | unsplash.com

It is now spring, and when I look outside, I cannot help the feeling rising inside of me. I readily found myself immersed in the beauty of the flowers peeking through the ground. This mere sight might give me, and maybe you too, an impulse to start making a flower garden, but we may struggle to know where to start. We may hesitate to choose between perennials and annuals, not necessarily even knowing if there really exists a considerable difference. We may also begin to worry about the number of colours we should pick for our garden, or even if there are any rules to follow. This constant uncertainty might get us very far from the pure enjoyment of looking at flowers and obscure the incredible inner beauty and strength that they hold. So, let’s all take a step back and look for the patterns existing in our favourite gardens. This way, we get to enjoy and learn everything about what flowers have to offer.

Read more