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Animal Instincts: Main Street Seeks Revenge on Wall Street |
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By Robert Roy Britt and Jeanna Bryner, LiveScience
The outrage expressed by many so-called Main Street folks over the proposed Wall Street bailout is based on more than a sense of injustice.
It's about revenge, a basic animal instinct shared by humans, chimpanzees and even blue-footed boobies.
And Washington politicians would be wise to listen up and stick some get-back-at-'em clauses into the bailout bill if they hope to get the support of the average American, says one behavioral economist who studies these things.
In phone calls made by constituents to politicians, as well as e-mails to news organizations and other media, the public has expressed a preference for a package that helps consumers and homeowners without assisting fat cats on Wall Street. In fact, a Pew Research Center survey conducted Sept. 27 through Sept. 29 found that nearly 70 percent of Americans say they feel angry about the government's plan, and half admit they are scared.
President Bush and other leaders who support the bailout warn, however, that if financial institutions are not propped up quickly and significantly with public money, the average American will pay the price.
Bring it on, many people seem to be saying.
Dan Ariely would agree.
"People are willing to lose money to get those people [on Wall Street] to suffer" because the corporate financial leaders have violated a social contract, says Ariely, a behavioral economist at Duke University. "We need to include revenge in the bill."
The bill should also include a code of punishment for exacting revenge for future financial misdeeds, Ariely said last night on "Marketplace," a radio program produced and distributed by American Public Media.
However, psychologist David Schroeder of the University of Arkansas, Fayetteville, doesn't think revenge is technically the right word for what the public seeks, because it implies an urge to make others suffer at whatever cost. The public wants retribution, he says, for what is seen as a violation of the rules of the game, one they put their trust in.
"Retribution involves a punitive component," Schroeder said, "and we're hoping that's going to deter these people from doing it again and we'll get them to abide by the rules in the future."
Trust games
Ariely's analysis is rooted in studies he and others have done involving trust games.
They work something like this: Two individuals are each given $10. The first participant can give his partner the money, and when doing so that $10 quadruples into $40, meaning the partner now has 50 bucks. Why would you just give away money? It has to do with trust, because then the partner has the choice of either splitting the money with the giver or taking it all for himself. Many players do give away their money and end up getting the split amount back, Ariely said.
But not everyone is so trustworthy and reciprocating. So the game has a revenge twist. The giver can choose to use his own money to get back at the other player for not sharing the $50. For every $1 out of the giver's pocket, the greedy player takes a hit of $2.
"The first thing that is surprising is that people actually take revenge [even though] revenge is costly," Ariely said. "You just gave away 10 dollars, and now you're willing to invest even more to make me miserable."
Aaaah! revenge
It turns out revenge can be pleasurable. Ariely referred to a group of Swiss researchers who have found that when players take revenge, the same part of the brain normally triggered by reward lights up.
It's no surprise that humans love revenge. Other research has shown that people feel satisfaction when someone they dislike suffers, and interestingly, men in particular are found to enjoy physical vengeance.
Even chimps are vengeful, a study last year found. The primates become "exploding black balls of rage" when food is stolen, said a scientist involved in the study. Other primates are known to seek revenge against relatives of an attacker. Studies have shown that revenge is in fact widespread among animals, from birds of the Galapagos, called blue-footed boobies, to elephant seals.
By Robert Roy Britt and Jeanna Bryner, LiveScience
The outrage expressed by many so-called Main Street folks over the proposed Wall Street bailout is based on more than a sense of injustice.
It's about revenge, a basic animal instinct shared by humans, chimpanzees and even blue-footed boobies.
And Washington politicians would be wise to listen up and stick some get-back-at-'em clauses into the bailout bill if they hope to get the support of the average American, says one behavioral economist who studies these things.
In phone calls made by constituents to politicians, as well as e-mails to news organizations and other media, the public has expressed a preference for a package that helps consumers and homeowners without assisting fat cats on Wall Street. In fact, a Pew Research Center survey conducted Sept. 27 through Sept. 29 found that nearly 70 percent of Americans say they feel angry about the government's plan, and half admit they are scared.
President Bush and other leaders who support the bailout warn, however, that if financial institutions are not propped up quickly and significantly with public money, the average American will pay the price.
Bring it on, many people seem to be saying.
Dan Ariely would agree.
"People are willing to lose money to get those people [on Wall Street] to suffer" because the corporate financial leaders have violated a social contract, says Ariely, a behavioral economist at Duke University. "We need to include revenge in the bill."
The bill should also include a code of punishment for exacting revenge for future financial misdeeds, Ariely said last night on "Marketplace," a radio program produced and distributed by American Public Media.
However, psychologist David Schroeder of the University of Arkansas, Fayetteville, doesn't think revenge is technically the right word for what the public seeks, because it implies an urge to make others suffer at whatever cost. The public wants retribution, he says, for what is seen as a violation of the rules of the game, one they put their trust in.
"Retribution involves a punitive component," Schroeder said, "and we're hoping that's going to deter these people from doing it again and we'll get them to abide by the rules in the future."
Trust games
Ariely's analysis is rooted in studies he and others have done involving trust games.
They work something like this: Two individuals are each given $10. The first participant can give his partner the money, and when doing so that $10 quadruples into $40, meaning the partner now has 50 bucks. Why would you just give away money? It has to do with trust, because then the partner has the choice of either splitting the money with the giver or taking it all for himself. Many players do give away their money and end up getting the split amount back, Ariely said.
But not everyone is so trustworthy and reciprocating. So the game has a revenge twist. The giver can choose to use his own money to get back at the other player for not sharing the $50. For every $1 out of the giver's pocket, the greedy player takes a hit of $2.
"The first thing that is surprising is that people actually take revenge [even though] revenge is costly," Ariely said. "You just gave away 10 dollars, and now you're willing to invest even more to make me miserable."
Aaaah! revenge
It turns out revenge can be pleasurable. Ariely referred to a group of Swiss researchers who have found that when players take revenge, the same part of the brain normally triggered by reward lights up.
It's no surprise that humans love revenge. Other research has shown that people feel satisfaction when someone they dislike suffers, and interestingly, men in particular are found to enjoy physical vengeance.
Even chimps are vengeful, a study last year found. The primates become "exploding black balls of rage" when food is stolen, said a scientist involved in the study. Other primates are known to seek revenge against relatives of an attacker. Studies have shown that revenge is in fact widespread among animals, from birds of the Galapagos, called blue-footed boobies, to elephant seals.
Taken from here
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