In 1956, Andy Warhol offered one of his paintings to the New York Museum of Modern Art. The museum refused, seeing no potential in the young painter’s work. Fast forward a few decades and Warhol had become so successful that he had his own museum. Shortly before recording an album that would go on sell […]
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 […]
Don’t let the perfect be the enemy of good. Things will never be perfect.
