Sunday, September 14, 2014

Combating HRTP

Some of you may remember a brief discussion about why there might not be efficiency in organizations.  One explanation was participant impatience.  Then you will recall that HRTP is short for high rate of time preference.  For efficiency, people need to value the future more and not be so concerned with immediate reward.

This creates a linkage between economics and psychology.  The psychologists know how to train yourself to be more patient.  One of the heroes of that research is Walter Mischel.  He is famous for his experiments with marshmallows and young kids.  If you haven't heard about those, you'll enjoy reading the linked piece.

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