See Holmes’s post below…
Words are hard
Elon… still being Elon.
Ethics and “Experts”
Surprise! They don’t got’em! Well, sometimes they do. But I feel like the following story happens repeatedly (though maybe not as egregiously!).
From Mr. Levine at Bloomberg. Basic story, defendant interview potential experts and hire one, leaving the others behind. One of the left behind experts goes and pitches himself to the plaintiff in the case … after leaving a written record about how bad the plaintiff’s case is with the defendant. You. Should. Not. Do. This.
Also, if you do, it’s a common courtesy to tell the plaintiff about it before they hire you. Pro Tip to all my experts out there.
This is the right answer!
Tyler Cowen in a piece about blackmail on Bloomberg column:
So what are some lessons from the apparent greater prevalence of blackmail risk?
First: Be good! Minimize the chance that someone can blackmail you.
Real Fake School
This has been in the news a lot. I’m kind of a fan of this in a way that I haven’t seen discussed (the real fake school, that is). As a way to make money, this seems pretty good, and straight forward. There is a supply of foreigners that want to stay in America and are willing to pay for it. Our government could use some money.
To the surprise of who?
Online companies that are labeled as disrupters may not give you the best deal and – get this – may use your personal data to get additional value from you! Shocking. Thanks, NYTimes! I guess it was a slow news day.
Lawyers, make your decisions early in the day
This is in the world of finance, but there is no reason why it shouldn’t apply to legal decision making.
We find that forecast accuracy declines over the course of a day as the number of forecasts the analyst has already issued increases. Also consistent with decision fatigue, we find that the more forecasts an analyst issues, the higher the likelihood the analyst resorts to more heuristic decisions by herding more closely with the consensus forecast, by self-herding (i.e., reissuing their own previous outstanding forecasts), and by issuing a rounded forecast
Perhaps more interesting is that the market abides.
Finally, we find that the stock market understands these effects and discounts for analyst decision fatigue.Hirshleifer, David A. and Levi, Yaron and Lourie, Ben and Teoh, Siew Hong, Decision Fatigue and Heuristic Analyst Forecasts (February 2018). NBER Working Paper No. w24293. Available at SSRN: https://ssrn.com/abstract=3131034
Stories that deserve more analysis
Yes, I know PG&E has been in the news… alot. For not great things. But I feel like this is like a boiling the frog issue. This is all very bad – it’d be great to see an overall data visualization of all of this – because I actually think PG&E’s behavior is even worse than we realize. I don’t have time (or ability!) to do this, but it’d be super interesting and is a story that needs to be told.
Great book. But I haven’t a different question. Why did not one of the in-house counsel who worked there do a noisy exit? Just FYI, my belief is that in-house lawyers serve as the moral compass for their companies. Yes, this can sound overly optimistic and conceited – but who else is better placed?
Just because you want something…
Two years ago the President signed an order to hire 15,000 new border agents. Accenture Federal Services picked up the contract to “recruit, vet and hire” 7,500 of those officers and was promptly paid $60.7 million to do so over 5 years. To date, the company has hired 33 such officers.