The Pioneer
The frontier and an appetite for the unknown, goes first.
Colin Camerer is The Pioneer by his own description, practicing what he calls intellectual entrepreneurship, crossing disciplinary boundaries out of curiosity and an appetite for the dramatic rather than any mandate. His move into neuroeconomics was frontier-seeking rather than strategic positioning, literalized in a method that bypasses self-report entirely to interrogate the amygdala and insula directly.
“Okay, so in experimental economics, one of the main rules, like commandment, is we almost always pay people, unless we can't, like with children sometimes or whatever, we almost always pay people money or something we know they value based on the decisions they made.”
“If you want to study close to probi, you cannot because the closterobics won't go in there. But it does give you a picture of the whole brain. And in the case of the, we did some experiments where we show people the consumer good.”
“They're extremely good. They're pretty, pretty dead on. Exactly. And so you see, you know, eight horses come out. They all look pretty similar. The jockeys are all the same size and they're all pretty good. There's a lot of statistics you can see.”
“Exactly. And so put yourselves in the mindset of somebody who in period 31, the price is 60. And you kind of know that in period 50, 19 periods from now, it's going to be 14. Well, unless you think it's going to go up to 75, right. Right. So it's true. And in fact, that's very helpful for me.”
Masters in Business: “Advancing Behavioral Economics with Colin Camerer”
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