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No, game theory tells us that sociopaths do well in a society that is primarily composed of non-sociopaths, but do not do so well in a society where they are the majority (and that society also doesn't do well as a whole).
Please check your source on this, I do not think you can conclude that based on game theory, or even a reasonable application of game theory. Alternatively, how do you reach this conclusion?
...[you need to] recognize his base assumptions from his math, or you're still not qualified to check his math.
As an economist, I want to reiterate that point.
That said, I wouldn't take the article at face value. Look at how they describe 'unaccepted research practice.' Playing devil's advocate, splitting research into smaller publishable piece makes sense if you want to get it out as quickly as possible. Or their statement about checking the contents of work cited? Do they mean ensuring that works cited are correct? Because that's ridiculous, no one can do that. Or do they mean glancing at the work cited? Because that's equally ridiculous.
An `irrational' person would answer (Yes, No, Yes), or (No, Yes, No).
Actually those answers could be perfectly rational depending on how hungry you are, how much cash is in your wallet, and which fast food restaurants are within walking distance.
I'm not sure if you're being pedantic, I'll assume you're not. Yes, that's true, rationality (complete and transitive preferences) is different from what they're testing. They're saying inconsistent without providing a baseline. The example I gave is one equating rationality to having a monotonic marginal utility for wealth gains, which is a pretty weak assumption as economics goes, I think it's weaker than the example given in the news article, which is an argument for prospect theory.
Did they correct for income?
Kids and young folks are more motivated to get $5 since they have low resources. If you are retired, why not take the chance on $20 vs a sure $5 you don't need?
Yes. They would need to.
The idea is this:
Would you take $1 or a coin flip for $2?
Would you take $5 or a coin flip for $10?
Would you take $10 or a coin flip for $20?
An `irrational' person would answer (Yes, No, Yes), or (No, Yes, No). Someone that answered all Yes or all No would not be inconsistent, nor would someone who answered (Yes, Yes, No) or (No, No, Yes), those people would be labeled as risk averse then risk loving.
As someone who has to sit through a lot of talks about research like this, GrumpySteen got it right in saying:
After a few dozen questions like that, I'd be so bored that I'd start choosing randomly without thinking about it just to get it over with. There's no way in hell I would seriously think about each and every question out of a list of 320.
A great paper on the topic is the 2001 paper "GARP For Kids", which asks the same question about children, and does a good job arguing that inconsistencies decrease with age going from young to college.
According to all known studies on happiness, there are only 2 things that affect happiness overall - everything else people adapt to after a while and get back to their normal levels of happiness.
1. Get a pet dog - people are always happier with this on average and the buzz doesn't wear off. 2. Have a long commute - people are always unhappy with this on average and they never get used to it.
I hadn't heard of this, is there a citation?
It is better to live rich than to die rich. -- Samuel Johnson