How business strategists can take advantage of our bias of ignoring luck

10/24/20 • 29 min

Chengwei Liu, Associate Professor of Strategy and Behavioral Science, talks about his research into luck with Core Insights host Trevor Barnes. Dr Liu reveals the situations and reasons why we have a bias towards luck, underestimating our good luck and overestimating bad luck. This bias can be exploited by firms alive to the opportunities that luck brings. Read more about it here.

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Does giving workers a pay rise lead to greater productivity?

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Andrea Isoni, Professor of Behavioural Science, joins Core Insights host Trevor Barnes to discuss the conundrum of pay rises. Professor Isoni has used game theory to examine how pay rises are actually reciprocated by employees. For many bosses giving workers a pay rise is seen as an act of kindness that they expect to be reciprocated by more effort. But Professor Isoni details the scenarios that show this is rarely the case. Read more on it all here.

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Nick Chater on why autonomous vehicles will need their own roads

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Self-driving cars have been promised as the future for the last decade with various manufacturers experimenting with their own designs alongside tech giants Google, Uber and Apple. Nick Chater, Professor of Behavioural Science, has been trying to model the trickiest task for autonomous vehicles of navigating the cluttered and narrow roads of the UK's towns and cities. But he admits to Core Insights host Trevor Barnes that it is an impossible task and he now believes self-driving vehicles will need their own roads rather than mixing with human controlled cars. Read more on the problems for autonomous vehicles here.