Les Miserables

Character and Competence

So the challenge is to prove to others that you are indeed a credible person, which can be done by demonstrating that you have character and are competent at what you do. It also helps to show your capacity for long-term thinking and being adaptable to changing situations. And don’t try to make up for a deficiency in competence by overdeveloping your character, […]

Sunshine

Prospect Theory

If utility theory doesn’t work, then what does? One alternative is prospect theory, developed by the author. Kahneman’s prospect theory challenges utility theory by showing that when we make choices, we don’t always act in the most rational way. Imagine these two scenarios for example: In the first scenario, you’re given $1,000 and then must choose […]