“Prospect theory could be valuable in situations of bargaining and negotiation. For example, when one party makes a concession, their utility impact is higher than the other party who had a gain. Prospect theory also supports the framing bias. Here,… — Rich Jolly Copy Share Image
“The idea of antifragility, for which evolution is the most important example, gives us tremendous guidance: o Seek out low-cost options in your business… — Rich Jolly Copy Share Image
“In the early phases, the structure exhibits exponential growth. This identifies the reinforcing loop. However, the balancing loop is effectively dormant. It's only later… — Rich Jolly Copy Share Image
“In real life situations, there are often many feedback loops present, with perhaps several dormant feedback loops lying in wait.” — Rich Jolly Copy Share Image
“In system dynamic simulation, this data set is referred to as the reference behavior pattern (RBP).” — Rich Jolly Copy Share Image
“The negative effects of virtuous turned vicious loops is an extremely important lesson to keep in mind.” — Rich Jolly Copy Share Image
“7. Remember It’s Only a Model—Always remember George Box's excellent advice, “All models are wrong, but some are useful.” The feedback and delays you… — Rich Jolly Copy Share Image
“The scientific method asserts that one cannot prove a hypothesis, only disprove it. Seeing more white swans may strengthen the hypothesis, but seeing a… — Rich Jolly Copy Share Image
“Surowiecki outlined four conditions that characterized wise crowds: 1. Diversity of opinion 2. Independence 3. Decentralization 4. An aggregation mechanism” — Rich Jolly Copy Share Image
“Generally, the modeler should look for natural boundaries of the system to capture the most important and impactful structure.” — Rich Jolly Copy Share Image
“Complexity can be categorized into two types: combinatorial and dynamic.” — Rich Jolly Copy Share Image
“if your business ecosystem seems stable, don't be lulled into a potentially false sense of security. Big changes can happen very quickly. Don't confuse… — Rich Jolly Copy Share Image
“Google has studied this with their prediction markets and found evidence for better information flow for employees who were physically closer together (Cowgill et… — Rich Jolly Copy Share Image
