Shyamsunder Panchavati

Shyamsunder Panchavati
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Wednesday, October 18, 2017

A rare case scenario, Does this make sense?? 10-18





A rare case scenario,




























Where Economics flirts with Behavioral Science,


A stiff nose (Read economics), that cannot smell beyond stats and statutory instruments, and impediments, falling for an entity with unpredictable psychotics.


A cognitively mature entity (Read Behavioral Sciences) falling for the curves with constant and consistent upturns and downturns in unfathomable spasm (Read Economics).


And progeny named Behavioral Economics get a Nobel Prize.


A very existence of such an entity called Behavioral Science is surprising to many. I have found many a people asking me many a time,


How can human behavior be a science?


Human behavior is nature;


How can you cage something as vast nature in the confinement called science??


Science is definite, measurable and specific. Behavior is not, sometimes it is Cognitive, some other times, it is In-cognitive.


Human Behavior at best can be a Meta-Science that, the human being has not understood completely.

Now stress results in unpredictable but most of the times a very explicit behavioral pattern. An important part of behavioral pattern studies.


Do you know, the human race is yet find a reason and cause for the stressful behavior?


It is yet to identify as to


What are the triggers???


What is the stimulus???


What are the physiological processes???


What are the psychological process???


What are the neurological processes???


Which part of the brain it initiates, where it culminates???

Too many questions, too few answers, and that too, very ambiguous answers…


How to manage stress??? No it is not the seers or sages, that teach us that.


You have to learn stress management from Monkeys and Ants. I don’t say this, it the most respected institute MIT research that says it.


Don’t believe it. Please read it here. 


What Ants Mice Monkeys can teach us about the impact of stress



You already know that monkeys are our ancestors, but do you know that ants are our earliest ancestors. Again the same MIT research, you can read at the above link.



You may think all this as crazy thinking, but technically, it called epigenetics.


Another term, that we are hearing more often these days is Endowment Effect.

It is the emotional attachment you have for an object you have been owning for quite some time. This makes over value the object, and you are not prepared to part with it even when someone is prepared to pay a correct value for its worth. The endowment effect creates an artificial loss bias in the owner on account of the emotional attachment the person has developed for the object or the possession. Now this is a case of Behavioral Science creating an effect to impact the economics related to buying and selling pattern of an object, and hence we have a separate branch of economics that is Behavioral Economics.


But when it comes to human relationship, it is other way round. Specially in case of love marriages. But you see a person, develop attachment , then add infinite value to the person and relationship and finally own the person. This could be considered a Retro-Endowment-Effect, where the ownership comes in the last. Your  obsessive possessiveness is so great, that, you are not even prepared to share even part ownership with the parents of the person, that are responsible for the birth and upbringing. And at a later stage, when children are born, it is again a tussle between the possessiveness of the husband and wife for the total ownership.


Basically Behavioral Science and the Behavioral Economics are an amalgam of the intangible, imponderable, and improbable entity coming together to create a very tangible entities that are Behavioral Science and Behavioral Economics.


Now, you are perfectly justified, if you think, my thought has gone rogue….
The entire article is devoted to pondering on the imponderables.  But you do need to go a little insane to understand Behavioral Sciences and be a little irrational to explore
Behavioral Economics.

It is this imponderable human behavior, that creates behavioral economics with good bad or even bitter fallouts., and even endowment effects.


Thanks for reading the article, and now contribute your insights and enrich the mischief mongering activity.


Best Wishes,

Shyam

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