Overflight, 143

“Higher minds discuss ideas; average minds discuss facts; mediocre minds discuss individuals.”
Socrates, as quoted in anticorpi.info

“The significant problems we face cannot be solved at the same level of thinking we were at when we created them.”
paraphrased from Albert Einstein

“A nation of 100 million people functions in a fundamentally different way to a band of a hundred individuals.
Take, for example, the Ultimatum Game – one of the most famous experiments in behavioural economics. This experiment is usually conducted on two people. One of them gets $100, which he must divide between himself and the other participant in any way he wants. He may keep everything, split the money in half or give most of it away. The other player can do one of two things: accept the suggested division, or reject it outright. If he rejects the division, nobody gets anything.
Classical economic theories maintain that humans are rational calculating machines. They propose that most people will keep $99, and offer $1 to the other participant. They further propose that the other participant will accept the offer. A rational person offered a dollar will always say yes. What does he care if the other player gets $99?
Classical economists have probably never left their laboratories and lecture halls to venture into the real world. Most people playing the Ultimatum Game reject very low offers because they are "unfair". They prefer losing a dollar to looking like suckers. …