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My guest for this podcast is Professor Robert Smith. He's a technologist, a complexity scientist, and entrepreneur, a writer, and a very sought-after public speaker. He's an expert in artificial intelligence and he has worked with several companies and institutions around the world both the private and public. He is also the author of the book Rage Inside The Machine: The Prejudice of Algorithms and How to Stop the Internet Making Bigots of Us All. He is a senior fellow of the computer science faculty at university college, London, where he co-founded the Center for Decision-Making Uncertainty.
Join us for the third episode of UCL's new podcast, ‘Coronavirus: The Whole Story' with Vivienne Parry. This week we're discussing how, and when, the lockdown in the UK might end. With special guests Paul Ormerod, Visiting Professor at the UCL Centre for Decision Making Uncertainty and Professor David Alexander, Professor of Risk and Disaster Reduction at the UCL Institute for Risk and Disaster Reduction.More information and transcript here: www.ucl.ac.uk/ucl-minds/podcasts…avirus-whole-story See acast.com/privacy for privacy and opt-out information.
Join us for the third episode of UCL’s new podcast, ‘Coronavirus: The Whole Story’ with Vivienne Parry. This week we’re discussing how, and when, the lockdown in the UK might end. With special guests Paul Ormerod, Visiting Professor at the UCL Centre for Decision Making Uncertainty and Professor David Alexander, Professor of Risk and Disaster Reduction at the UCL Institute for Risk and Disaster Reduction. More information and transcript here: https://www.ucl.ac.uk/ucl-minds/podcasts/coronavirus-whole-story
Session 2: The Unconscious and the Psychopathology of Everyday Life David Tuckett - Conviction Narrative Theory: Bringing Modern Psychoanalysis into the Heart of Economics and Decision Science David Tuckett will take us on a fascinating journey through modern psychopathology of everyday life, demonstrating the paramount importance of the unconscious processes in problem-solving and decision-making, with a particular emphasis on the psychology of financial behaviour. Arguing that the human mind was designed to make decisions under uncertainty, he will explore the compelling stories consumers and investors constantly make up, to contain a range of emotional experiences and he will explain how these narratives of 'conviction' affect the wider economy. David Tuckett is a psychoanalyst, Professor and Director of the Centre for the Study of Decision-Making Uncertainty at UCL in the Faculty of Brain Sciences, as well as a Fellow of the British Psychoanalytical Society. He trained in Economics, Medical Sociology and Psychoanalysis and currently divides his time between clinical practice and research – since winning a 2006 Leverhulme Research fellowship for a "psychoanalytic study of investment markets" he has been collaborating with a range of colleagues in economics, finance, psychology, social anthropology, computer science and neuroscience to introduce psychoanalytical understanding to behaviour in the financial markets and the economy more generally. His book Minding the Markets: An Emotional Finance View of Financial Instability was published in New York and London by Palgrave Macmillan in June 2011 and a further monograph written with Professor Richard Taffler (University of Warwick School of Management) entitled “Fund Management: An Emotional Finance Perspective” was published by the Research Foundation of CFA Institute. Prior to this he received the 2007 Sigourney Award for distinguished contributions to the field of psychoanalysis. He has published books and articles in sociology, psychoanalysis, economics, and finance and is a former President of the European Psychoanalytic Federation, Editor in Chief of the International Journal of Psychoanalysis and Principal of the Health Education Studies Unit at the University of Cambridge.
What is the difference between risk and uncertainty and how our decision making approach should differ under each scenario. Why pandemics are highly uncertain and should be treated as such.Topics covered include:How the coronavirus pandemic is far worse than other pandemics this century.How humans have a difficult time accepting that things won't return to normal.What is the difference between risk and uncertainty.How we make decisions should differ if something is uncertain versus risky.What is the minimax regret approach to making decisions under uncertainty.How stories help us deal with uncertainty.How the story driving financial markets has changed.What is the duration and severity of bear markets during a recession and how large have bear market stock rallies been.What will it take for the pandemic to end and to be more confident about the future.Thanks to Mint Mobile and Grammarly for sponsoring the episode.For show notes and more information on this episode click here.
“The idea was that what we called ‘phantastic objects’ get created sometimes in the mind of investors, which promise much more than just money; it is of course money, but they are ‘phantastic objects’ in the sense that Melanie Klein or someone like that might mean them, things that if you possess are like magic…” Description: Dr. Steven Rolfe welcomes David Tuckett from London. David is a fellow of the Institute of Psychoanalysis as well as a Professor and Director of the Centre for the Study of Decision-Making Uncertainty at UCL in the Faculty of Brain Sciences. As an undergraduate, he studied economics, politics, and sociology at the University of Cambridge. During this time he became very interested in psychoanalysis and went on to train as an analyst a few years after graduating. He qualified with the British Psychoanalytic Society in 1977. Throughout his career Professor, Tuckett has worked part-time in private clinical practice while also conducting research in the fields of psychology, medicine, the social sciences, and more recently economics. . He is a former President of the European Psychoanalytic Federation, Editor in Chief of the International Journal of Psychoanalysis and Principal of the Health Education Studies Unit at the University of Cambridge. In 2007, Professor Tuckett won the Sigourney Award for distinguished contributions to the field of psychoanalysis. In 2011, he published his book Minding the Markets: An Emotional Finance View of Financial Instability and his current book ( in press) is The Role of Conviction and Narrative in Decision-Making Under Radical Uncertainty. In this conversation, David Tuckett engages in a conversation about his work; his pluralistic approach to analysis, his commitment to identifying the core ideas of psychoanalysis, and his application of a psychoanalytic perspective to behavioral finance and decision making. Key takeaways: [4:51] David Tuckett talks about his work focused on pluralism. [11:02] David Tuckett’s work in providing a method to really see what different analysts do. [13:48] When the focus is on the analyst rather than the patient. [14:28] What are the core ideas about what an analyst is? [16:09] The effort for formalizing pluralism. [17:15] The importance of holding a scientific debate to make judgments in the psychoanalytic field. [19:58] David Tuckett shares his thoughts about the core ideas of psychoanalysis. [25:15] The use of psychoanalytic core ideas in economics. [31:54] David Tuckett presents the concept of emotional finances. [34:45] Examples of consulting with organizations and institutions. [39:45] How developing a conviction narrative is applied to the investing field. Mentioned in this episode: IPA Off the Couch www.ipaoffthecouch.org Recommended Readings: Rickard Nyman, Sujit Kapadia, David Tuckett, David Gregory, Paul Ormerod and Robert Smith (2018) News and narratives in financial systems: Exploiting big data for systemic risk assessment. Bank of England Staff Working Paper No. 704 David Tuckett & Milena Nikolic, M (2017) The Role of Conviction and Narrative in Decision Making under Radical Uncertainty. Theory and Psychology. 27 issue: 4, page(s): 501-523 Kimberly Chong & David Tuckett (2015). Constructing conviction through action and narrative: how money managers manage uncertainty and the consequence for financial market functioning. Socio-Economic Review, 13 (2), 309-330. doi:10.1093/ser/mwu020 David Tuckett (2011) Inside and Outside the Window: Some fundamental elements in the theory of psychoanalytic technique. Int. J. Psychoanal. Dec; 92(6):1367-90 David Tuckett (2011) Minding the Markets: An Emotional Finance View of Financial Instability. London and New York: Palgrave Macmillan David Tuckett and Richard J Taffler (2008) Phantastic Objects and the financial market’s sense of reality: A psychoanalytic contribution to the understanding of stock market instability. International Journal of Psychoanalysis, 89 (2), 389-412 David Tuckett, Roberto Basile, Dana Birksted Breen, Tomas Bohm, Paul Denis, Antonino Ferro, Helmut Hinz, Arne Jemstedt, Paola Mariotti, and Johan Schubert (2008) Psychoanalysis Comparable and Incomparable The evolution of a method to describe and compare psychoanalytic approaches. New Library of Psychoanalysis, London: Routledge. David Tuckett (2005) Does Anything Go? Towards a framework for the more transparent assessment of psychoanalytic competence. Joint winner IPA Training Today Award, 2003. International Journal of Psycho-Analysis: 86: 31-49.
David Tuckett is a psychoanalyst, Professor, and Director of the Centre for the Study of Decision-Making Uncertainty at...
This week, I welcome my good friend Devin Luquist to the show. Most of you won't know Devin but he's a chemical engineer who has worked in oil & gas for the last 7 years before starting his own artificial intelligence company, Woven Cognition. Devin and I went to MIT, played on the varsity water polo team, were fraternity brothers and took economics courses together. In the episode, we take a deeper look at risk, decision-making and uncertainty. We give you some ideas on how to take risk into your decisions, how to deal with variance and introduce expected value. Thank you for listening and if you enjoy the show, please subscribe to Rob's Reliability Project on your favourite podcast platform and share it with your colleagues. You can also follow Rob's Reliability Project on LinkedIn and Facebook and check out robsreliability.com as well. If you're looking for a shorter tip, subscribe to Rob's Reliability Tip of the Day on your favorite podcast platform or on your Amazon Alexa as a Flash Briefing. Finally, if there are any topics, guests you'd like to hear from, questions you want answered, or if you'd like to appear on the podcast, email me at robsreliabilityproject@gmail.com Follow Rob's Reliability Project on LinkedIn - https://www.linkedin.com/company/robsreliabilityproject/ Follow Rob's Reliability Project on Facebook - https://www.facebook.com/robsreliabilityproject/ Music by XTaKeRuX, Song: White Crow is licensed under a Creative Commons 4.0 Attribution License.
These are uncertain times. The British Prime Minister Theresa May has survived a vote of confidence in her leadership, but the future of her Brexit deal remains unknown. In the US, Donald Trump faces a hostile Congress and multiple legal threats to his presidency. Meanwhile the IPCC says the entire planet must urgently address the existential challenge of climate change, yet the path forward remains littered with obstacles.What is the best way to weather all this uncertainty? In a programme first aired in 2016, Manuela Saragosa gets advice from David Tuckett, professor and director of the Centre for the Study of Decision-Making Uncertainty at University College London. Plus, David Spiegelhalter, Winton professor for the Public Understanding of Risk in the Statistical Laboratory, at the University of Cambridge, explains the difference between risk and uncertainty. Lt Col Steven Gventer of the US Army tells us how soldiers are trained to deal with uncertainty in war. And, Will Borrell, founder and owner of Vestal Vodka and the owner of the Ladies & Gents bar in London, recalls how his customers reacted on the evening after the UK voted to leave the European Union. (Picture: British Prime Minister Theresa May at the opening day of the G20 Summit in Argentina; Credit: Amilcar Orfali/Getty Images)
David Tuckett, Director of the Centre for Decision-Making Uncertainty at UCL, discusses the themes explored in the session covering perspectives from psychology, sociology and anthropology at NIESR's recent "Rethinking Macroeconomics Conference".
On 29/11/16 the National Institute held a conference entitled: "Rethinking Macroeconomics" to start a discussion about what needs to be done to transform macroeconomics back into a useful policy science. Twelve panellists, divided in four sessions, explored the big questions on the horizons with the help of a very engaged audience. For this podcast NIESR's Paola Buonadonna spoke to journalist and author Paul Mason, Soumaya Keynes (The Economist), Doyne Farmer (Professor of mathematics, Oxford), David Tuckett(Director of the Centre for Decision-Making Uncertainty, UCL), macroeconomist Roger Farmer (UCL, Warwick and NIESR) and Angus Armstrong, Director of Macroeconomics at NIESR.
Happiness - Should the government promote it? Danny Dorling, Halford Mackinder Professor of Geography at the University of Oxford, talks to Laurie Taylor about the necessity to inspire a better politics with new measures of what matters most to us. These would include the avoidance of misery, the gaining of long term life satisfaction, the feeling of fulfilment, of worth, of kindness, of usefulness and love. Politicians, he contends, should promote a collective good which incorporates these priorities. They're joined by Paul Ormerod, economist and Visiting Professor at UCL Centre for Decision Making Uncertainty, who contends that policymakers should not claim that they can increase happiness through public policy decisions. Also, do dominant ideals of 'good' parenting contain a class bias? Esther Dermott. Professor of Sociology, argues that the activities of the most educationally advantaged parents are accepted as the benchmark against whom others are assessed. Producer: Jayne Egerton.