Path dependence

A Few More Gems from Rory

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After our group session with Rory earlier in the week, our heads were reeling with book recommendations, poignant questions, and telling quotations. Here are a few of my favourites.

1. Queuing for a nightclub is a good thing, queuing at the airport check-in is a terrible thing.

2. Pay the price of imperfection for the sake of clarity.

3. Our behaviour is not the product of our attitudes; our attitudes are a product of our behaviour.

4. Bright-line rules have their place in society, especially concerning tax evasion. 

5. All human choice is path dependent. _MG_4158small

6. Everyone should read Nate Silver's book 'The Signal and the Noise: Why So Many Predictions Fail-But Some Don't'.

7. TripAdvisor is an example of a reputational feedback loop, where the consumer can only benefit as service gets better.

8. As the banking system has proven, you can't trust people who can't get hurt. We need a means of retaliation to develop any sort of trust.

9. Changing one little thing can have a hugely disproportionately effect, such as the $300 million button from a  large e-tailer.

10. The SCARF model, as shown below,  is a summary of important discoveries from neuroscience about the way people interact socially. The internet has the potential to tell us a great deal more about human behaviour.

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