Are We Failing The Global Marshmellow Test?


Selene

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Interesting article.

http://bigthink.com/errors-we-live-by/were-facing-a-global-marshmallow-test

We're Facing a Global Marshmallow Test
by Jag Bhalla
November 6, 2014, 1:00 PM
Bigthinkglobalmarshmallowtest

We’re facing and failing a global “Marshmallow Test.” Even if not individually, we’ve become systemically less good at making smart now-vs.-later decisions. And economics (=aggregated psychology, often oversimplified) isn’t helping. It advises “discounting” the future.
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1. Walter Mischel’s “Marshmallow Test” assesses children’s self-control, testing their ability to resist one treat now to get two later. Kids who resisted longer do better as adults (life constantly needs now-vs-later decision, see also Plato’s pastry).

Greenspan:

4. For economists now-vs.-later means “discounting” future utility = a “self-evident propensity to value more highly… an asset today… than the same asset… in the future” (Alan Greenspan).

And of course "climate change:"

6. But should all future assets be “discounted”? Is a future breathable atmosphere wisely discountable? Should our unavoidable future needs be lessened? Or given great weight in decisions? (See the logic of needism).

And of course "health" decisions:

10. Markets work by aggregating decisions, prudent or not. Nothing prevents them from aggregating imprudence (sometimes spreading its effects to even the prudent, e.g. unhealthy diets increase health insurance rates for healthier eaters).

See it is all "Bush's fault", I mean Adam Smith's fault!

Invissible hands and I pencils should never be considered when considering the future!

A...

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Is only one good for you? If not eat one instead of two for two is twice as bad--no? Maybe those kids who "failed" the test were the ones who figured out they didn't want diabetes. I always told Mom: "Mom, just one cookie! Cook just one cookie!"

--Brant

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