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wikipedia psychology incentives rewards

"Bank bosses have played a trick which countless ordinary workers do. The IT support guy who introduces lots of “security features” to his firm’s IT systems, or the secretary who has an incomprehensible filing system, make themselves indispensable by inconveniencing others."

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"The "Nobel prize for economics" is a fascinating story of how - as the global public was looking the other way - strategy and snobbery brought a symbolic currency to life. "

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So why do dopamine neurons treat information as a reward? It’s easy to see how treating information this way might be a useful evolutionary adaptation. For many animals, each day consists of numerous decisions that pertain to eating, reproducing and socializing. Obviously, having access to more relevant information – such as knowing where the food is located - allows animals to make better decisions. Furthermore, having access to such information might give us better control over our environment, thus increasing our chances of survival.

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Here you can see that this mismatch between the bonus payment frequency (typically, one year) and the time to blow up (about five to 20 years) is the cause of the accumulation of positions that hide risk by betting massively against small odds. As traders say, they have the “free option” on their performance: they get the profits, not the losses. I hold that this vicious asymmetry is the driving factor behind investment banking.

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in list: Economic Crisis

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the clampdown (pdf) on bank executives’ pay mistakes the symptom for the disease. The disease is that owners have given bosses too much autonomy, in the belief - now proven to be false - that a single individual, or small group, has the know-how to control a complex organization. Big payouts for bosses are just the effect of giving them excessive power.
Everyone knows centrally planned economies are a stinkingly bad idea. The lesson of the collapse of many banks is that centrally planned companies are also a bad idea. And they’re a bad idea for the same reason - that, in complex organisms such as economies or big companies, fragmented and tacit knowledge cannot be centralized, and “leadership“ often degenerates into mere rent-seeking.

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in list: Economic Crisis

clip: "Challenging Behaviorist Dogma: Myths About Money and Motivation"

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