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    Navigating the Maze of Decision Making: Insights from Dietrich Dorner

    In an increasingly complex world, decision-making has become an intricate process. As we strive to make informed choices, we often find ourselves grappling with an abundance of information, potential risks, and unknown variables. But why do we still make mistakes despite being armed with intelligence, experience, and a wealth of information? This question forms the core of the research by Dietrich Dorner, a renowned German Leibniz Prize laureate. Dorner’s seminal work delves into the paradox of failure, despite having all the necessary tools for success. He asserts that failure is often an accumulative effect stemming from flawed tendencies in our everyday thinking and a lack of understanding of complexity. His…

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    Debunking Economic Myths: Why Market Failure Fables Spread and How to Counter Them

      Ariel Rubinstein, a master of game theory and a famous economist, believes that economics Models in science are equivalent to fables in daily context; he once said frankly, “I do think that we economists are just people who tell fables.” Fables are of great significance in economics.   The book “Famous Fables of Economics: The Myth of Market Failure” includes a group of papers written by Ronald Coase, Zhang Wuchang, Daniel Spurber and others, examining lighthouses, Dutch tulip bubbles, bees and orchards, The sharecropper system, the path dependence of the keyboard and video recorder system, the General Motors acquisition of Fisher Auto Body, the American Standard Oil monopoly case, and many…

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