"In a joged contest event, a comedian was invited and asked the audience, 'What is perfectly adorable, as good as new, and has seven tiny dents in it ...?'Shook their heads but smiling, the audience wanted to know what it was.'Snow White's hymen,' replied the comedian.""We are not dwarfs!" the Lotus exlaimed. "So, we can see Value from various perspectives, from Philosophy, Psychology, Neuroscience, Sociology, even Economics. And from an economics point of view, we can start by asking questions—as policy makers start—for example, 'Is there a 'culvert' between 'financing' the new capital and 'funding' the banners?'Economics is a wonderful discipline say Dino Levy and Paul Glimcher. It is based on clear and precise definitions, axioms, and mathematical formulas. In many cases, economic theory has been successfully used to inform policy, predict human behavior and structure the financial system. In the last 300 years, there has been a tremendous advancement in economic theory; from the revolutionary ideas of Daniel Bernoulli, David Ricardo, and Adam Smith through the theories of Vilfredo Pareto, Paul Samuelson, John von Neumann, and Oskar Morgenstern, to the more recent approaches of Herbert Simon, Daniel Kahneman, and Amos Tversky, and many others. However, one of the most fundamental notions in economics is that the basic aim of economic theory is to make predictions. Economists acquire observable behavioral data and through well-defined theories create predictions. What they care about is how well they can predict. As a discipline they are not interested in understanding the underlying mechanisms of why the predictions were at a certain level in a given situation. Although they acknowledge that human behavior is a result of neural activity, they remain agnostic to the actual mechanism within the nervous system responsible for those behaviors. Similar to the behaviorism community in psychology in the 1940s, economists in general are not interested in the 'black box.'On the other hand, if we are neuroeconomists, will very much interested in the 'black box' and we want to understand what is the underlying neural mechanism for the instantiation of value and choice. We strongly believe that taking this approach offers certain advantages. First and foremost, having more data than less is always beneficial in trying to understand any given mechanism. Second, understanding the neural mechanisms of value and choice will set physiological boundaries on any economic theory. A theory that does not take into consideration these boundaries will be a priori false, at least at some level of analysis. Moreover, adding these boundaries into the current economic theories will, we believe, make the theories more accurate in their predictions. Third, if the instantiation of all behavior rests in neural activity, then understanding the underlying mechanisms of choice will help us build novel theories that are based not upon arbitrary axioms but natural axioms that are the result of the general and basic physiological principles governing neural activity and hence behavior.In this perspective, in many cases, the choices we make influence other people's well-being and other people's choices will influence our well-being. There are several other human behaviors that also require the ability to prefer others’ benefits and increased utility at the expense of one’s own benefit. These kinds of behaviors are collectively known either as altruistic behaviors or other-regarding preferences, and in many cases there are driven by moral beliefs. When people engage in these sort of decision problems they must evaluate and compare the costs of giving something away, which could be a material reward, time, or even physical work, to the value they derive from the abstract notion of doing something good or preventing something bad from happening to other people or, in some cases, the value derived is in the form of an abstract goal, principle, or belief.Paul Samuelson and his colleagues proved almost a century ago that any decision-maker who is internally consistent in their choices behaves, during the period in which they are consistent, exactly 'as if' they were employing a single fixed common scale for the representation of value. That is, if a chooser is rational, there is at least one utility function (the function that states how the objective value is transformed to internal subjective value representation that guides the choices of that particular individual) that can describe her choices. Second, if a decision maker demonstrates nonconsistent preferences, i.e., behaves in a non-rational way, one could exploit this by taking away money from the non-rational chooser, even when the chooser carefully and precisely makes decisions with full information.So, returning to the 'culvert' question, it might me that there will be responses that says, 'There is no connection!' or 'That's impossible!' or 'That's slander!' or maybe there will be he who shed tears like Evita Peron delivering 'Don't Cry for Me Argentina' using Madonna's stunning version, or the enchanting version of the late Sinead O'Connor, singing, 'And as for fortune, and as for fame, I never invited them in, though it seemed to the world they were all I wanted.'And forgive me if I respond by quoting a colleague who said, 'You've got a swollen head syndrome!'Natural law theory says that humans can only live well if they recognise the goods that are natural for humans and understand how those goods generate the obligations and the permissions that together characterise the system of practical guidance that we call morality, say David S. Oderberg and Timothy Chappell. Let’s say you think you’re funny, Sally Hogshead gives an example. As far as you’re concerned, a sense of humor is one of your best traits. There’s just one problem: Nobody else thinks you’re funny.This is indeed a problem. Humor is a two-sided exchange. It’s a feedback loop between you as the joke teller, and your audience. Humor doesn’t happen in a vacuum. It’s not enough to only consider how you see yourself. You must also consider how the world sees you. If nobody else thinks you’re funny . . . well, you’re probably not funny.Humor is in the eye of the beholder. So are likability, leadership, and a range of other subjective qualities that are rooted in the perception of others. You get a vote, but your listener has veto power.For example, you might see yourself as lovable, but if the world sees you as a coldhearted curmudgeon, there’s a disconnect. You might think that you’re respected or independent or practical, but if nobody agrees, you’re out of luck. You might see yourself as good with kids, but if small children cry and run to the other side of the street at the very sight of you, there’s a disconnect (as well as a serious impediment to any career aspirations you might have of becoming a birthday party clown).By looking at yourself from the outside in, and systematically measuring the effect you have on your listener, you can improve results. Whether you’re a comedian or a kindergarten teacher or a crisis negotiator, you can become more successful by understanding how the world sees you and hears you and responds to you.Many basic goods theories hold the following two claims, says Christopher Tollefsen. First, the foundation of human action is in the practical grasp that all genuine agents have of the basic human goods, that is, in their grasp of basic opportunities for human flourishing. Different goods theories give somewhat different accounts of what these basic goods are, but the lists generally include human life and health, knowledge, excellence at work and play, friendship, integrity and practical reasonableness. The claim is thus that in some sense or other all agents have an awareness of these goods as to be pursued; such knowledge is not merely for the few, but is part and parcel of ordinary human agency.The second claim is related to the first. The basic goods are deemed desirable by agents because they offer the promise of human well-being; agents have a practical understanding that they would be better off for participating in the basic goods. And all of these because, 'we are no dwarfs!' And Allah knows best."There was a sign that the dawn had approached, the night would turn into a new day, the Lotus then sang,Gimme, gimme, gimme a man, after midnightWon't somebody help me chase the shadows away?Gimme, gimme, gimme a man, after midnightTake me through the darkness to the break of the day *)
Citations & References:
- David S. Oderberg & Timothy Chappell (Ed.), Human Values: New Essays on Ethics and Natural Law, 2004, Palgrave
- Sally Hogshead, How the World Sees You: Discover Your Highest Value Through the Science of Fascination, 2014, HarperCollins Publishers
- Tobias Brosch and David Sander (Ed.), Handbook of Value: Perspectives from Economics, Neuroscience, Philosophy, Psychology, and Sociology, 2016, Oxford University Press
*) "Gimme! Gimme! Gimme! (A Man After Midnignight)" written by Benny Andersson & Bjoern K Ulvaeus