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Human beings are irrational about dreams the same way they are irrational about a lot of things. We make dumb choices all the time on the basis of silly information like racial bias or a misunderstanding of statistics - or dreams. Morewedge and Norton quote one of the most famous modern studies to demonstrate our collective folly, from a paper written by psychologists Amos Tversky and Daniel Kahneman that was published in Science in 1974. In that paper, Tversky and Kahneman discuss an experiment in which subjects were asked to estimate the percentage of African countries represented in the U.N. Before...
...modern presidency is a vast electronic synthesizer, capable of exhilarating musical effects or rank cacophony. The President needs to be able to throw his voice in a variety of ways - now sober, now soaring, now educating, now soothing. George W. Bush's presidency was straitjacketed by his inability to command any style but clenched orotundity. The two great television-era communicators in the office were yin and yang: Bill Clinton was a master of the conversational, not so good at set-piece speeches; Ronald Reagan just the opposite. Barack Obama has now demonstrated an ability to synthesize those...
Pulling in record prices for seven artists, the much-anticipated auction of Yves Saint Laurent's art collection got off to a flying start on Day One's sale of Impressionist and modern art. The $266 million tallied on Monday - a record auction for a private collection - is good news for the AIDS researchers who will get part of the proceeds; for Pierre Bergé, the designer's former companion and lifelong business partner who put their joint collection on the block; and for Christie's and the entire art market, which hopes the stunning performance will be the shot...
...Giovanna Bertazzoni, head of Impressionist and modern art for Christie's London, is hoping that Monday's record results will give a boost to future sales, after several auctions have taken place with extremely limited supply. "This was a special case," she said of the Paris auction. "But we hope that this will help us unearth more masterpieces, to convince others that this is a good time to sell. We see tonight that people very much still want to invest in art." Nevertheless, the same logic - and the shaky world financial system - may yet convince collectors to hold...
...heyday of the Medellin and Cali cartels, motorcycle-mounted assassins shot down judges and witnesses while kingpins ran their drug empires from behind bars. Now Colombia has a modern maximum-security prison to lock down high-risk criminals. The judiciary, in turn, has switched from a written system to oral and accusatory trials similar to those in U.S. courts, making it harder for narcos to manipulate the proceedings. Still, many law-enforcement experts vigorously defend extradition as narco-traffickers now try to rig the system in more subtle ways. Last year, Guillermo Valencia Cossio, chief government prosecutor for Medell...