Michael Blastland
speaker
745 appearances
4 recordings
1 series
first heard Mar 2011
last heard Aug 2011
Michael Blastland’s voice in public audio — every appearance, attributed to the second.
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Appearances
What markets are about are people who are constantly being influenced by other people.
They don't do things independently.
That's what you should try and model and not your independent people
making the decisions on their own.
The market just doesn't work like that.
But modern finance is built on the assumptions that it does.
Are we swept along by the mob and the moment in finance or elsewhere?
And are we wise or mad to be so?
A lot hangs on this.
If our mood is herd-like and fickle, it might make sense for the government to correct it, if, that is, government is any more capable.
These questions raise another, more fundamental.
How rational are our choices really?
Have you, for example, ever bought something you didn't really want?
Changed your mind, changed it back, so it's hard to say what your choices really are.
The psychologist Nick Chater, who we met in our first programme, says a simple game makes you wonder.
So we're here again in the psychology department at Warwick University with Julie.
And I'm going to try another game with her now.
And this is a very simple one, a hypothetical choice.
So if I were to offer you £5 right here and now versus £6 next week, what would you prefer?
Very good.
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