Visualizzazione post con etichetta tim harford messy. Mostra tutti i post
Visualizzazione post con etichetta tim harford messy. Mostra tutti i post
sabato 5 ottobre 2019
https://feedly.com/i/entry/gj49Ct2pFQH7aQI92pAQT83HaIjwDuyYZb9Mvj40IpM=_16d95b6c8ba:194976:27d622fb
sabato 15 dicembre 2018
HL 6 Incentives
6 Incentives
Note:6@@@@@@@@@@@
Note:6@@@@@@@@@@@
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The Prime Minister and the paramedic: The pitfalls of imposing tidy targets on a messy world
Note | Location: 2,248
Ttttttttttttttttt
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Tony Blair was eager to improve the performance of the National Health Service.
Note:MEROTOCRAZIA
Note:MEROTOCRAZIA
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introduced a system of targets to hold NHS providers accountable.
Note:TRASPARENZA E INCENTIVI
Note:TRASPARENZA E INCENTIVI
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when patients called their NHS doctor, they would be given an appointment within forty-eight hours.
Note:ESEMPIO...MEDICI DI FAMIGLIA
Note:ESEMPIO...MEDICI DI FAMIGLIA
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doctor refused to book a follow-up appointment in a week’s time.
Note:IL PROB DEL FOLLOW UP....TELEFONARE X OGNI APPUNTAMENTO
Note:IL PROB DEL FOLLOW UP....TELEFONARE X OGNI APPUNTAMENTO
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A doctor could maximise her chances of hitting the forty-eight-hour waiting target by keeping her appointment book clear.
Note:IL TRUCCO
Note:IL TRUCCO
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Every advance booking was a potential obstacle
Note:L AGENDA ORDINATA É UN OSTACOLO
Note:L AGENDA ORDINATA É UN OSTACOLO
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patient had to call the clinic, wait on hold and hope to get through – on a day-by-day basis.
Note:L BINCUBO DELLE CHIAMATE COME MEZZO X HIT THE TARGET
Note:L BINCUBO DELLE CHIAMATE COME MEZZO X HIT THE TARGET
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the quality of service was falling
Note:OBBIETTIVO CENTRATO A SCAPITO DELLA QUALITÀ....MERITOCRAZIA E QUALITÀ
Note:OBBIETTIVO CENTRATO A SCAPITO DELLA QUALITÀ....MERITOCRAZIA E QUALITÀ
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1763,
Note:ALTRA STORIA
Note:ALTRA STORIA
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Johann Gottlieb Beckmann assembled a team of workers.
Note:IL PROTAGONISTA...MAPPATORE DI FORESTE
Note:IL PROTAGONISTA...MAPPATORE DI FORESTE
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The men were trying to count and assess every tree they passed.
Note:MAPPARE LA FORESTA
Note:MAPPARE LA FORESTA
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Forests are messy.
Note:INTRICO
Note:INTRICO
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It’s difficult to count trees, or compare one tree to another as a potential source of wood,
Note:PROIBITIVO
Note:PROIBITIVO
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the better they comprehend the world, the better they will be able to control
Note:L IDEA CHIAVE
Note:L IDEA CHIAVE
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The trouble is that when we start quantifying and measuring everything, we soon begin to change the world to fit the way we measure it.
Note:IL GUAIO...PIÙ MISURI PIÙ MODIFICHI X RENDERE TUTO PIÙ MISURABILE
Note:IL GUAIO...PIÙ MISURI PIÙ MODIFICHI X RENDERE TUTO PIÙ MISURABILE
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The foresters lined up the rows to make the forests easier to survey,
Note:LA DEGENERAZIONE SUCCESSIVA
Note:LA DEGENERAZIONE SUCCESSIVA
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The forests eventually came to resemble the neat abstractions
Note:LA MAPPA È IL TERRITORIO
Note:LA MAPPA È IL TERRITORIO
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the local peasants lost out – they were no longer able to access fallen trees for firewood, saps for glue, medicines and firelighters,
Note:IL CAPRO
Note:IL CAPRO
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since these resources had never been registered in the first place, whatever the peasants lost did not officially count.
Note:IN BILANCIO
Note:IN BILANCIO
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top-down affair,
Note:DUE STORIE TOP DOWN
Note:DUE STORIE TOP DOWN
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simply having a way to count things can be enough to trigger an arms race.
Note:ALTRO DIFETTO DELLA CONTA
Note:ALTRO DIFETTO DELLA CONTA
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Apgar score.
Note:ALTRA STORIA
Note:ALTRA STORIA
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after a baby is born a nurse or obstetrician can, at a glance, give it marks out of ten for whether it seems to be thriving.
Note:UN OCCHIATA X STABILIRE LO STATOK DI SALUTE
Note:UN OCCHIATA X STABILIRE LO STATOK DI SALUTE
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two points for being pink, two points for crying, two points for a brisk pulse
Note:APGAR SCOR
Note:APGAR SCOR
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Virginia Apgar,
Note:SCOPRITRICE NEL 1950
Note:SCOPRITRICE NEL 1950
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quick and convenient,
Note:CARATTERISTICHE
Note:CARATTERISTICHE
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Apgar score ‘turned an intangible and impressionistic clinical concept – the condition of a newly born baby – into a number
Note:NUMERIFICAZIONE DELLA SALUTE
Note:NUMERIFICAZIONE DELLA SALUTE
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Doctors, a competitive bunch, wanted to improve their scores.
Note:ARM RACE
Note:ARM RACE
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‘They both want solutions that will lift the results
Note:TEACHING TO THE TEST
Note:TEACHING TO THE TEST
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Demanding procedures such as the use of forceps gave way to the more predictable use of the caesarean section,
Note:IL CESAREO SQUARTA MA È MENO IMPEGNATIVO
Note:IL CESAREO SQUARTA MA È MENO IMPEGNATIVO
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Done well, the forceps delivery can spare the mother a major piece of surgery.
Note:Cccccccccc
Note:Cccccccccc
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tidy, one-size-fits-all approach,
Note:CESAREO
Note:CESAREO
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C-sections are now used in almost a third of all deliveries in the United States,
Note:RISULTATO
Note:RISULTATO
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medical experts believing that only 10–15 per cent of deliveries require such operations.
Note:EPPURED...33 vs 10
Note:EPPURED...33 vs 10
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once a simple score becomes available to the factory managers.
Note:I GUAI
Note:I GUAI
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Nudging doctors into performing C-sections was surely not what Virginia Apgar intended.
Note:UNINTENDED
Note:UNINTENDED
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1990s,
Note:ALTRO CASO...QUANDO
Note:ALTRO CASO...QUANDO
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New York and Pennsylvania
Note:DOVE
Note:DOVE
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a system of ‘report cards’, publicly disclosing how patients were faring at the hands of particular surgeons and hospitals.
Note:COSA INTRODUSSERO...DARE UN VOTO AI TRATTAMENTI
Note:COSA INTRODUSSERO...DARE UN VOTO AI TRATTAMENTI
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designed to inform patients
Note:SCOPO
Note:SCOPO
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assumption that patients will choose the physicians they prefer,
Note:ASSUNTO...SCELTA INFORMATA
Note:ASSUNTO...SCELTA INFORMATA
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reward the skilled, punish the incompetent
Note:SCOPO ULTIMO...MERITOCRAZIA
Note:SCOPO ULTIMO...MERITOCRAZIA
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there are many ways to win a game
Note:PURTROPPO
Note:PURTROPPO
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David Dranove, Daniel Kessler, Mark McClellan and Mark Satterthwaite,
Note:GLI ECONOMISTO CHE STUDIARONO L IMPATTO
Note:GLI ECONOMISTO CHE STUDIARONO L IMPATTO
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Surgeons were avoiding operations on seriously ill patients, preferring to operate on patients who did not need surgery at all.
Note:IL VERO EFFETTO
Note:IL VERO EFFETTO
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who wants to operate on a very sick patient who may die
Note:LOGICA FERREA
Note:LOGICA FERREA
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pushed surgeons into performing more expensive treatments, but patients were sicker as a result.
Note:CONCLUSIONI
Note:CONCLUSIONI
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healthcare is usually heavily regulated, and offers apparently clear outcomes (How long must I wait? Will I die?)
Note:XCHÈ MOLTI ESEMPI VENGONO DALLA SANITÀ?....POCA CONCORRENZA E ILLUSIONE MISURABILITÀ
Note:XCHÈ MOLTI ESEMPI VENGONO DALLA SANITÀ?....POCA CONCORRENZA E ILLUSIONE MISURABILITÀ
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U.S. News & World Report website ranks the best colleges in America.
Note | Location: 2,341
ALTRO CASO
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how selective a college is
Note:UN PARAMETRO
Note:UN PARAMETRO
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Northeastern University in Boston,
Note:GAMING
Note:GAMING
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increase the number of applications it received.
Note:PIÙ ACCESSI X AVERE PIÙ BOCCIATURE
Note:PIÙ ACCESSI X AVERE PIÙ BOCCIATURE
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the Research Excellence Framework, which is designed to measure the quality of academic research
Note:ALTRO ENTE IN UK
Note:ALTRO ENTE IN UK
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department could get credit for research conducted by an academic on a part-time contract that demanded only 20 per cent of full-time hours.
Note:PARAMETRO
Note:PARAMETRO
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in just two years, UK universities had increased their recruitment of staff on 20 per cent hours by nearly two thirds.
Note:OVVIAMENTE
Note:OVVIAMENTE
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international development,
Note:LTRO SETTORE
Note:LTRO SETTORE
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Millennium Development Goals
Note:WISH LIST
Note:WISH LIST
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to halve the extreme poverty rate in every country around the world.
Note:OBBIETTIVO
Note:OBBIETTIVO
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country such as Bulgaria or Mexico,
Note:FACILE....LA PIVERTÀ ESTREMA ERA SOLO IL 2%...BASTAVA SCENDERE DI UN PUNTO
Note:FACILE....LA PIVERTÀ ESTREMA ERA SOLO IL 2%...BASTAVA SCENDERE DI UN PUNTO
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in a destitute country
Note:PAESI A POVERTÀ ESTREMA DEL 20%....BISOGNAVA SCENDERE DI 10 PUNTI
Note:PAESI A POVERTÀ ESTREMA DEL 20%....BISOGNAVA SCENDERE DI 10 PUNTI
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an incentive to funnel money away from the countries with the most serious problems.
Note:EFFETTO XVERSO DEL TARGET
Note:EFFETTO XVERSO DEL TARGET
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On the Folly of Rewarding A, While Hoping for B’.
Note:ARTICOLO SEMINALE DEL 1975 CHE AFFRONTA QS PROBLEMI
Note:ARTICOLO SEMINALE DEL 1975 CHE AFFRONTA QS PROBLEMI
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Why not simply set the right target?
Note:DOMANDA INGENUOTTA
Note:DOMANDA INGENUOTTA
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In 1995, Peter Smith,
Note:ELENCO DEI MODI IN CUI LE COSE VANNO MALE
Note:ELENCO DEI MODI IN CUI LE COSE VANNO MALE
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targets tend to be simple, while the world is complicated.
Note:PRIMA DIFFICOLTÀ
Note:PRIMA DIFFICOLTÀ
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bus driver who is rewarded for sticking to the timetable, and who keeps on time by driving past lines of passengers without stopping.
Note:ENNESIMO ESEMPIO
Note:ENNESIMO ESEMPIO
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This results in short-termism, where long-term investment is sacrificed in order to hit a short-term target.
Note:DUE...SHORT TERMUSM
Note:DUE...SHORT TERMUSM
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a manager can skimp on training or maintenance, or just squeeze pay. In the short term, profits will rise; in the long term, the company will suffer.
Note:ESEMPIO CANONICO
Note:ESEMPIO CANONICO
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Sometimes a target reflects yesterday’s problems, not today’s.
Note:TERZO
Note:TERZO
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world tends to change faster than bureaucracies can keep
Note:PURTROPPO
Note:PURTROPPO
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Imagine a company with a target for resolving queries from customers who phone the call centre, but no target for dealing with a problem using the web.
Note:ESEMPIO
Note:ESEMPIO
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lying and cheating.
Note:4…I TSRGEY SONO AGGIRABILI
Note:4…I TSRGEY SONO AGGIRABILI
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The family doctors who refused to take advance appointments were gaming Tony Blair’s target;
Note | Location: 2,398
ESEMPIO
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designed to improve how ambulance services responded to emergency calls.
Note:UN TARGET MEMORABILE
Note:UN TARGET MEMORABILE
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ambulance service had eight minutes to get to the scene.
Note:SE UN CASO URBANO È IN CODICE ROSSO
Note:SE UN CASO URBANO È IN CODICE ROSSO
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The most obvious was the outright lie.
Note:PRIMO ESPEDIENTE...E CHI TI CONTRADDICE?
Note:PRIMO ESPEDIENTE...E CHI TI CONTRADDICE?
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graph starts to rise sharply at 7 minutes and 50 seconds, reaching implausibly high levels at 7 minutes and 59 seconds,
Note:GRAFICI TUTTI DA RIDERE
Note:GRAFICI TUTTI DA RIDERE
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8 minutes and 1 second.
Note:A PICCO
Note:A PICCO
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‘within eight minutes’ turns out to be a poor substitute for ‘as soon as possible’.
Note:IL PROBLEMA
Note:IL PROBLEMA
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The logic of the target dictates that the ambulance should now be rerouted to a patient who has not yet breached;
Note:SE DURANTE IL TRAGITTO SFORO MEGLIO RINUNCIARE PROPRIO
Note:SE DURANTE IL TRAGITTO SFORO MEGLIO RINUNCIARE PROPRIO
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Another serious piece of gaming involved the definition of ‘life-threatening’
Note:ALTRO PROB
Note:ALTRO PROB
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The target gave services an incentive to say that a call wasn’t urgent
Note:TUTTI CODICI BIANCHI
Note:TUTTI CODICI BIANCHI
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Two paramedics in a single ambulance could be split and put on to motorbikes or even bicycles. That makes it more likely that a paramedic will arrive within eight minutes,
Note:TRUCCHI...VIAGGIARE SEPARATI SU PIÙ MEZZI
Note:TRUCCHI...VIAGGIARE SEPARATI SU PIÙ MEZZI
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Ambulance crews complained that rather than being based at the hospital, they were being sent out in their vehicles to face an uncomfortable
Note:CONSEGUENZE DI SHORTERMISM
Note:CONSEGUENZE DI SHORTERMISM
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Patient care in the short term may have improved, but the crews’ morale suffered.
Note:Ccccccccccc
Note:Ccccccccccc
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managers relocated ambulances to urban areas, where the targets were tough to hit, from rural areas, where the targets operated differently. The target wasn’t designed to favour cities over the countryside,
Note:ALTRA XVERSIONE
Note:ALTRA XVERSIONE
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to lie about the stopwatch, to reclassify urgent cases, to put ambulance crews in vehicles that weren’t ambulances, to pull staff out of rural areas, to risk the health and morale of their paramedics, and to celebrate all of this as having hit their target.
Note:SOMMARIO
Note:SOMMARIO
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to make the targets more sophisticated,
Note:UNA POSSIBILE SOLUZIONE
Note:UNA POSSIBILE SOLUZIONE
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financial regulations
Note:ESEMPIO
Note:ESEMPIO
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Basel I.
Note:1988…PRIMO ACCORDO
Note:1988…PRIMO ACCORDO
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setting a minimum threshold for how much capital the bank should have.
Note:CAP REQ
Note:CAP REQ
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it did not do justice to the fact that different banks take very different risks.
Note:IN TEORIA DOVREBBE FARLO IL MERCATO
Note:IN TEORIA DOVREBBE FARLO IL MERCATO
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a bank that lends $100 million to a Silicon Valley start-up is taking much more risk than a bank that lends $100 million to the US government.
Note:PRIMO PROB
Note:PRIMO PROB
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five different categories of risk,
Note:PRIMO INTERVENTO...DIVIDERE I SETTORI
Note:PRIMO INTERVENTO...DIVIDERE I SETTORI
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five categories of risk weren’t enough;
Note:MA IL REGOLATORE COMPRENDE L I SUFF
Note:MA IL REGOLATORE COMPRENDE L I SUFF
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Banks would seek out investments that the rules defined as boring and safe, but which banks themselves knew were exciting,
Note:I MODELLI DELLE BANCHE SONO SOFISTICATISSIMI RISPETTO AI ROZZISSIMI MODELLU DEL REGOLATORE
Note:I MODELLI DELLE BANCHE SONO SOFISTICATISSIMI RISPETTO AI ROZZISSIMI MODELLU DEL REGOLATORE
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a series of regulatory upgrades were published in 2004,
Note:X TAMPONARE...NASCE BII
Note:X TAMPONARE...NASCE BII
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While Basel I had been just 30 pages long, Basel II was 347 pages
Note:LA COSA SI COMPLICA
Note:LA COSA SI COMPLICA
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The most complicated financial stability agreement in history was promptly followed by the most complicated financial crisis in history.
Note:IRONIA?
Note:IRONIA?
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what kind of asset had zero risk on paper, yet paid a fat return to investors? The answer: Greek government bonds.
Note:L ACCORDO GOVERNATIVO PRIVILEGIA I GOVERNI
Note:L ACCORDO GOVERNATIVO PRIVILEGIA I GOVERNI
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European Union banks were allowed to lend money to European Union governments
Note:Ccccccccc
Note:Ccccccccc
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So, catastrophically, banks could borrow huge sums and lend that money to Greece, which was risk-free on paper but (curiously) paid a hefty return.
Note:Cccccccccccccc
Note:Cccccccccccccc
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Basel rules encouraged banks to seek out all the places where the rules seemed to be wrong
Note:CFR TASSI ELEVATI E RISCHI DI CARTA BASSI
Note:CFR TASSI ELEVATI E RISCHI DI CARTA BASSI
Yellow highlight | Location: 2,467
safe-on-paper assets encouraged complex financial engineering, producing theoretically safe investments on the back of highly risky subprime mortgage lending.
Note:CONSEGUENZE DEL RISCHIO DI CARTA
Note:CONSEGUENZE DEL RISCHIO DI CARTA
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Rather than competing in a natural way, investing in real projects all over the world, banks tended to try to squeeze through the same loopholes – lending money to Greece, buying subprime derivatives
Note:ADDIO DIVERSITÀ...UNA REGOLA UNA STRATEGIA PER TUTTI...CONCENTRAZIONE DEL RISCHIO
Note:ADDIO DIVERSITÀ...UNA REGOLA UNA STRATEGIA PER TUTTI...CONCENTRAZIONE DEL RISCHIO
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the post-crisis Basel III
Note:SI È RIMEDIATO AI PROBLEMI
Note:SI È RIMEDIATO AI PROBLEMI
Yellow highlight | Location: 2,475
twice as long as Basel II,
Note:SEMPRE PIÙ CASINO
Note:SEMPRE PIÙ CASINO
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Dodd-Frank Act in the United States)
Note:ANCORA PIÙ INCASINATO
Note:ANCORA PIÙ INCASINATO
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making targets more complex doesn’t stop them being gamed
Note:LA LEZIONE DI BII
Note:LA LEZIONE DI BII
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gamed in more complex and unpredictable ways.
Note:Cccccccc
Note:Cccccccc
Yellow highlight | Location: 2,479
what if these ever more refined attempts to quantify risk were useless – or worse?
Note:LA DOMANDA DI ANDY HALDANE
Note:LA DOMANDA DI ANDY HALDANE
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every single way you sliced the data, the highly rational, hyper-quantified risk management methods were less effective than a crude rule of thumb: ‘Beware indebted banks.’
Note:LE CONCLUSIONI DI H
Note:LE CONCLUSIONI DI H
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Rules of thumb like Haldane’s have proved surprisingly effective
Note:MEGLIO I PRINCIPI...ANCHE SE GENERICI
Note:MEGLIO I PRINCIPI...ANCHE SE GENERICI
Yellow highlight | Location: 2,487
simple heuristics
Note:OPPOSIZIONE DI 1…
Note:OPPOSIZIONE DI 1…
Yellow highlight | Location: 2,487
complex decision rules
Note:…2
Note:…2
Yellow highlight | Location: 2,489
Avalanches
Note:ESEMPI...PREVEDERE LE VALANGHE
Note:ESEMPI...PREVEDERE LE VALANGHE
Yellow highlight | Location: 2,490
snowfall, temperature, slope shape and other factors.
Note:FATTORI RILEVANTI
Note:FATTORI RILEVANTI
Yellow highlight | Location: 2,491
‘obvious clues’ checklist,
Note:METODO A SPANNE...FACILE DA MEMO
Note:METODO A SPANNE...FACILE DA MEMO
Yellow highlight | Location: 2,492
have avalanches been reported in the area in the past forty-eight hours?
Note:PRIMA DOMANDA
Note:PRIMA DOMANDA
Yellow highlight | Location: 2,492
Does the surface of the snow show signs of melting?
Note:2
Note:2
Yellow highlight | Location: 2,493
Has there been a new snowfall or rain shower in the past forty-eight hours?
Note:3
Note:3
Yellow highlight | Location: 2,497
how much it relied on borrowed money rather than its own capital.
Note | Location: 2,498
UNICA DOMANDA X LA CRISI BANCARIA
Yellow highlight | Location: 2,499
If the patient is in the early stages of a heart attack, they need to go straight to a specialist coronary care unit. But that is expensive, possibly dangerous – since hospitals are a breeding ground for drug-resistant infections
Note:ALTRO E...COME GIUDICARE UN FORTE DOLORE AL TORACE?
Note:ALTRO E...COME GIUDICARE UN FORTE DOLORE AL TORACE?
Yellow highlight | Location: 2,506
researchers responded by putting together a complex diagnostic guide: a table of probabilities,
Note:IL CONSIGLIO DEI RICERCATORI X GIUDICARE UN CASO
Note:IL CONSIGLIO DEI RICERCATORI X GIUDICARE UN CASO
Yellow highlight | Location: 2,507
run some tests, consult the table, tap the numbers into the calculator and thus produce an estimate
Note:CASINO..
Note:CASINO..
Yellow highlight | Location: 2,510
the guide was too complex
Note:IL PROBLEMA...I DOTTORI TRASCURANO
Note:IL PROBLEMA...I DOTTORI TRASCURANO
Yellow highlight | Location: 2,511
Lee Green
Note:L ALTERNATIVA
Note:L ALTERNATIVA
Yellow highlight | Location: 2,512
tree asks three yes/no questions:
Note:DI COSA PARLIAMO
Note:DI COSA PARLIAMO
Yellow highlight | Location: 2,512
does the patient display a particular anomaly on a heart monitor?
Note:1...SE SÌ AL CORONARICO DI CORSA
Note:1...SE SÌ AL CORONARICO DI CORSA
Yellow highlight | Location: 2,513
is the patient’s main complaint about chest pain?
Note:2 SE NO A CASA
Note:2 SE NO A CASA
Yellow highlight | Location: 2,514
if so, then a third question tells the doctor to look for one of five obvious clues – any one of them is enough to send the patient to coronary care.
Note:SE SÌ...
Note:SE SÌ...
Yellow highlight | Location: 2,516
it seems to work better
Note:CONTROLLO
Note:CONTROLLO
Yellow highlight | Location: 2,518
generating fewer false positives than the diagnostic. More important, it saves time and effort in an urgent situation
Note:I PREGI
Note:I PREGI
Yellow highlight | Location: 2,519
it gets used.*
Note:MA SOPRATTUTTO
Note:MA SOPRATTUTTO
Yellow highlight | Location: 2,520
when we set aside money for a pension.
Note:ALTRO PROB
Note:ALTRO PROB
Yellow highlight | Location: 2,521
Harry Markowitz, worked out a sophisticated method for selecting the optimal financial portfolio,
Note:NEL 1952
Note:NEL 1952
Yellow highlight | Location: 2,522
you buy shares in an umbrella company and a maker of sunglasses, you will be fine in all weathers.
Note:IL SEMPLICE PRINCIPIO....X I DETTAGLI VINSE IL NOBEL
Note:IL SEMPLICE PRINCIPIO....X I DETTAGLI VINSE IL NOBEL
Yellow highlight | Location: 2,526
put half of his money in stocks and half in bonds.
Note:....E IL PORTAFOGLIO DI MARKO?
Note:....E IL PORTAFOGLIO DI MARKO?
Yellow highlight | Location: 2,527
economic theory is far too sophisticated
Note:LA LEZIONE TRATTA DA MOLTI
Note:LA LEZIONE TRATTA DA MOLTI
Yellow highlight | Location: 2,529
Markowitz the small investor was right all along; it was Markowitz the Nobel-Prize-winning theorist who was wrong.
Note:IRONIA NELL IRONIA
Note:IRONIA NELL IRONIA
Yellow highlight | Location: 2,535
while history is some guide, it’s not perfect – especially not when estimating the likelihood of rare events.
Note:IL METODO SOFISTICATO...TUTTO CENTRATO SULLE SERIE
Note:IL METODO SOFISTICATO...TUTTO CENTRATO SULLE SERIE
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Markowitz’s rule of thumb
Note:MIGLIORE IN ASSENZA DI DATI
Note:MIGLIORE IN ASSENZA DI DATI
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anything less than five hundred years’ worth is probably limited enough to tip the balance in favour of the simple rule
Note:COSA INTENDIAMO X DATI LIMITATI?
Note:COSA INTENDIAMO X DATI LIMITATI?
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The problem here is known as ‘overfitting’ – what happens when a detailed statistical analysis slavishly follows historical data.
Note:IL PROB DI MARKO COME DI BASEL...SEGUIRE PEDESTREMENTE IL PASSATO
Note:IL PROB DI MARKO COME DI BASEL...SEGUIRE PEDESTREMENTE IL PASSATO
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‘How many patients can get an appointment in forty-eight hours?’ is probably a good rule of thumb for judging the overall quality of doctor surgeries that don’t know they’re being judged on it.
Note:TARGET SCONOSCIUTO
Note:TARGET SCONOSCIUTO
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But as soon as we formalise a rule of thumb into a target, it becomes a source of distortion.
Note | Location: 2,560
LA MELEDIZIONE DELL UFFICIALITÀ
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You study for months, or years, knowing that only a tiny fraction of the knowledge you’re accumulating will come in handy
Note:LA SOLUZIONE È BEN NOTA AGLI STUDENTI
Note:LA SOLUZIONE È BEN NOTA AGLI STUDENTI
Yellow highlight | Location: 2,564
impossibilizing the knowledge’ of how to game the examination.
Note:LA VAGHEZZA DELL ARGOMENTO DELL ESAME
Note:LA VAGHEZZA DELL ARGOMENTO DELL ESAME
Yellow highlight | Location: 2,566
The answer is neither the weighty rulebook of Basel nor one simple rule of thumb. Instead, we should be defining many rules of thumb and deliberately leaving it ambiguous as to which will be used in any given situation.
Note:CONCLUSIONE
Note:CONCLUSIONE
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for each assessment, the regulator would choose a few measures at random
Note:RANDOM
Note:RANDOM
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‘stress test’.
Note:ALTRO ESEMPIO DI ESAME NOTO A PRIORI
Note:ALTRO ESEMPIO DI ESAME NOTO A PRIORI
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These tests are too predictable, however,
Note:Ccccccccccccc
Note:Ccccccccccccc
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the stress test has to be unpredictable.
Note:RIFORMA
Note:RIFORMA
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if the timing of the test is deliberately vague, so is the punishment.
Note:VAGHEZZA A TUTTO CAMPO
Note:VAGHEZZA A TUTTO CAMPO
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Andy Haldane isn’t the only person to argue for randomness in targets.
Note:ANCORA HALDANE
Note:ANCORA HALDANE
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Gwyn Bevan, has made much the same case
Note:IN AMBITO SANITARIO
Note:IN AMBITO SANITARIO
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embrace the constructive ambiguity of randomly timed tests of arbitrarily chosen areas,
Note:INVOCAZIONE
Note:INVOCAZIONE
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One possible concern is that ambiguous regulation could give too much discretionary power to the regulator.
Note:PRFOB UNO
Note:PRFOB UNO
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A more cynical explanation is that regulators themselves often have a conflict of interest that gives them the perverse incentive to create a system that can be gamed.
Note:PROB 2
Note:PROB 2
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Perhaps the simplest reason, though, is our general fear of messy ambiguity.
Note:PROB 3
Note:PROB 3
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In September 2015, Volkswagen,
Note:BECCATA AD IMBROGLIARE
Note:BECCATA AD IMBROGLIARE
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The tests are tough and the standards are high. But the tests are also absurdly predictable
Note:COME È STATO POSSIBILE?
Note:COME È STATO POSSIBILE?
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But the real scandal is not that VW found a way to cheat a predictable test. It is that the regulators kept the test so predictable
Note:UN TEST CHIARO E CONOSCIUTO....TI DICO GIÀ COSA TI CHIEDO
Note:UN TEST CHIARO E CONOSCIUTO....TI DICO GIÀ COSA TI CHIEDO
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VW was not caught because the EPA introduced yet more predictable rules. It was exposed when a non-profit group, the International Council on Clean Transportation, looked into the emissions of VW cars.
CHI HA BECCATO VW?
CHI HA BECCATO VW?
venerdì 14 dicembre 2018
IL TRUCCO DELLA REGOLA IGNOTA
IL TRUCCO DELLA REGOLA IGNOTA
Come mai c'è tanta legislazione caotica?
Come mai l'etica cattolica è così sovrabbondante.
Di seguito una possibile risposta
Per incentivare il merito è giusto fissare degli obbiettivi da premiare, ma farlo in modo oculato è tutt’altro che facile.
Le regole cervellotiche (analitiche) sono facili da eludere (oltre che costose da produrre e applicare).
Le regole semplicistiche (empiriche) sono quasi sempre ingiuste.
L’elusione e l’ingiustizia sono inevitabili… a meno che la regola sia ignota a priori.
La strategia è ben conosciuta dagli studenti che vengono incentivati allo studio dal prof quando dice loro: “studiate tutto il programma, farò una domande a caso”.
Ecco, gli obbiettivi per incentivare al meglio dovrebbero essere numerose, semplici... e ignoti a priori (l'applicazione random è una forma di segretezza).
Forse tanta legislazione contorta si giustifica alla luce di quanto detto: il caos serve a coprire la regola che verrà applicata. L'incertezza è un modo per secretare apriori cio' su cui si misureranno i meriti.
Anche la sovrabbondante etica cattolica puo' essere letta in questo senso: dài il massimo, non rilassarti, mira alla santità, potrebbe andarti bene.
Insomma: preparati su tutto, ti verrà rivolta una sola domanda.
LA VIRTU’ DELLA SPANNA
LA VIRTU’ DELLA SPANNA
Nel 1952 Harry Markowitz elaborò un sofisticato metodo per selezionare un portafoglio titoli ottimale. Diceva all’incirca così: “se investi in ombrelli e occhiali da sole starai bene con qualsiasi il tempo”. Poi aggiunse qualche particolare che gli valse il Nobel nel 1990.
Che i particolari aggiunti non fossero poi così rilevanti lo si capì quando rese noto il suo personale portafoglio: 50% azioni, 50% obbligazioni.
Ironia della sorte il portafoglio personale di Harry si rivelò superiore a quello del Nobel Markowitz. Quest’ultimo, infatti, funziona bene quando si hanno sufficienti informazioni. Ma che significa “sufficienti informazioni”? Di solito si lavora con le serie storiche (= guardando al passato). “Quanto passato” fornisca “sufficiente informazione” nessuno lo sa. Anche se molti pensano ad un lasso di almeno… 500 anni.
Insomma, meglio andare a spanne.
Nel 1952 Harry Markowitz elaborò un sofisticato metodo per selezionare un portafoglio titoli ottimale. Diceva all’incirca così: “se investi in ombrelli e occhiali da sole starai bene con qualsiasi il tempo”. Poi aggiunse qualche particolare che gli valse il Nobel nel 1990.
Che i particolari aggiunti non fossero poi così rilevanti lo si capì quando rese noto il suo personale portafoglio: 50% azioni, 50% obbligazioni.
Ironia della sorte il portafoglio personale di Harry si rivelò superiore a quello del Nobel Markowitz. Quest’ultimo, infatti, funziona bene quando si hanno sufficienti informazioni. Ma che significa “sufficienti informazioni”? Di solito si lavora con le serie storiche (= guardando al passato). “Quanto passato” fornisca “sufficiente informazione” nessuno lo sa. Anche se molti pensano ad un lasso di almeno… 500 anni.
Insomma, meglio andare a spanne.
giovedì 13 dicembre 2018
BASILEA ADDIO…
BASILEA ADDIO…
La regolamentazione finanziaria è soggetta ad una regola: quanto più è sofisticata, tanto più sono sofisticate e imprevedibili le strategie per eluderla. Non solo: una normativa sofisticata, lasciando poche scappatoie, rende omogenee le strategie degli operatori.
Comportamenti imprevedibili e tutti uguali accrescono il rischio di sistema. Non male per uno strumento che mira a rendere tutto meno rischioso.
BASILEA zero intimava: “andateci piano con la leva finanziaria”. Tradotto: “piano con i debiti in rapporto al capitale”. Piuttosto rozzo, non è vero? Sì perché ci sono debiti e debiti, capitale e capitale. Prestare a una start up spericolata con un’idea bizzarra da realizzare non è come prestare al governo degli Stati Uniti. Occorreva una regolamentazione più sofisticata, era chiaro a tutti.
BASILEA I, nelle sue 30 e rotte pagine, prevedeva 5 profili di rischio con cui classificare capitale e debiti. Lo sport delle Banche divenne quello di buttarsi sui differenziali tra rischio di carta (quello previsto da Basilea) e rischio effettivo (quello previsto dal mercato). Se il primo è più basso del secondo, infatti, oltre ad incassare rendimenti più elevati (il rischio viene pagato bene) si puo’ fare più leva (si viene considerati più “capitalizzati”). Poiché la legge era a maglie larghe, le strategie per aggirarla erano tante e le banche investivano un po’ ovunque. Bisognava rendere la regolamentazione più sofisticata per limitare l’elusione.
Nacque BASILEA II con le sue terrificanti 347 pagine. Non cambiò nulla, se non una cosa: le scappatoie erano diminuite e così gli investimenti di tutti si concentrarono nelle poche scappatoie rimaste (il “cigno nero” aleggiava). Ma lì dove? Facile: siccome l’accordo era fatto dai governi, avvantaggiava i governi considerando il rischio del prestito ai governi pari a zero. Inoltre, siccome tutti i governo fanno politiche per la casa, anche i mutui ipotecari furono considerati investimenti a basso rischio. Diventava così un affarone prestare alla Grecia (alto rischio effettivo e basso rischio di carta) e all’operaio che voleva farsi il villone (idem come sopra). Non solo, diventava estremamente conveniente costruire derivati su questi prestiti. Tanti bei castelli di carta.
Il resto è storia nota.
Dopo la catastrofe un tale andò a controllare le banche più compromesse. Risultato: fondamentalmente chi aveva violato BSILEA zero.
Morale: nella finanza (come altrove?) meglio poche regole. Se saranno necessariamente generiche, pazienza.
MAPPA E TERRITORIO
MAPPA E TERRITORIO
Chi riduce tutto a numero viene spesso criticato per la sua visione “arida”. Sbagliato: ci vuole una grande creatività per schematizzare un posto complicato come il mondo. Il problema con questa gente è un altro, ovvero il fatto che vengano regolarmente visitati dal demone della “scorciatoia”: se i nostri numeri non rappresentano bene il mondo, perché non trasformiamo il mondo affinché sia più facilmente rappresentabile? Se la mappa e il territorio differiscono, perché non trasformiamo il territorio in una mappa.
Nel 1763 il gruppo messo in piedi da Johann Gottlieb Beckmann mappo’ pazientemente parecchie foreste con i suoi chiodini colorati per calcolare il legname che se ne poteva ricavare. Si trattava di ambienti complessi dove la varietà la faceva da padrone, anche per questo l’esito dell’operazione fu a dir poco incerto. Ma prometteva, Beckmann era una persona seria. Qualche secolo dopo i calcoli sono molto più precisi. Ma perché? Forse perché abbiamo imparato dall’esperienza? No, perché abbiamo ridotto le foreste di Beckmann a griglie vegetali con anonimi filari privi di ogni sottobosco. In altri termini, anziché adattare il calcolo al “mondo”, abbiamo adattato il mondo al calcolo desertificandolo. Su foreste del genere anche un geometra neo-diplomato si applicherebbe con profitto!
Se le sofisticate macchine del futuro funzioneranno ne sarò lieto e accoglierò la loro opera con un eureka. Il mio dubbio è che prima o poi, di fronte alle difficoltà, qualcuno vorrà stravolgere il mondo in cui viviamo – magari facendoci indossare una divisa - affinché funzionino meglio.
Chi riduce tutto a numero viene spesso criticato per la sua visione “arida”. Sbagliato: ci vuole una grande creatività per schematizzare un posto complicato come il mondo. Il problema con questa gente è un altro, ovvero il fatto che vengano regolarmente visitati dal demone della “scorciatoia”: se i nostri numeri non rappresentano bene il mondo, perché non trasformiamo il mondo affinché sia più facilmente rappresentabile? Se la mappa e il territorio differiscono, perché non trasformiamo il territorio in una mappa.
Nel 1763 il gruppo messo in piedi da Johann Gottlieb Beckmann mappo’ pazientemente parecchie foreste con i suoi chiodini colorati per calcolare il legname che se ne poteva ricavare. Si trattava di ambienti complessi dove la varietà la faceva da padrone, anche per questo l’esito dell’operazione fu a dir poco incerto. Ma prometteva, Beckmann era una persona seria. Qualche secolo dopo i calcoli sono molto più precisi. Ma perché? Forse perché abbiamo imparato dall’esperienza? No, perché abbiamo ridotto le foreste di Beckmann a griglie vegetali con anonimi filari privi di ogni sottobosco. In altri termini, anziché adattare il calcolo al “mondo”, abbiamo adattato il mondo al calcolo desertificandolo. Su foreste del genere anche un geometra neo-diplomato si applicherebbe con profitto!
Se le sofisticate macchine del futuro funzioneranno ne sarò lieto e accoglierò la loro opera con un eureka. Il mio dubbio è che prima o poi, di fronte alle difficoltà, qualcuno vorrà stravolgere il mondo in cui viviamo – magari facendoci indossare una divisa - affinché funzionino meglio.
martedì 13 febbraio 2018
4 Improvisation
4 Improvisation
Note:4@@@@@@@@@@
Note:4@@@@@@@@@@
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In 1963, defying the wet velvet heat of a Washington,
Note:LA GRANDE MARCIA
Note:LA GRANDE MARCIA
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The gospel singer Mahalia Jackson sang, ‘I’ve been ’buked and I’ve been scorned.’
Note:INTRO
Note:INTRO
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Dr King had spent the night labouring on his speech
Note:PROGRAMAZ
Note:PROGRAMAZ
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weighing every word
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rigorous research, careful drafting and redrafting, memorising the beautiful script and then delivering it with passion.
Note:LA RICETTA KINGIANA
Note:LA RICETTA KINGIANA
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King’s Sunday sermons mattered enormously to him.
Note:COMINCIAVA MARTEDÌ
Note:COMINCIAVA MARTEDÌ
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consider the fate of those who do not seem to have prepared. Rick Perry,
Note:UN POLITICO CHE NN SA PARLARE IN PUBBLICO
Note:UN POLITICO CHE NN SA PARLARE IN PUBBLICO
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write a speech and then I use it as the basis for what I want to say
Note:RICETTA MILIBAND...E I PERICOLI DI LACUNA
Note:RICETTA MILIBAND...E I PERICOLI DI LACUNA
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Ratner joked that one of his products – a crystal decanter – was ‘total crap’
Note:BURLONE
Note:BURLONE
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It seems obvious that when speaking in public we should prepare as diligently as Martin Luther King
Note:MORALE
Note:MORALE
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What if we should improvise more,
Note:IPOTESI
Note:IPOTESI
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2nd of March 1959,
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Miles Davis, the group’s leader, had brought with him the vaguest sketches
Note:PRONTI A REGISTRARE
Note:PRONTI A REGISTRARE
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usual practice was to record each song several times and it was common to splice together tape from the different takes.
Note:PRATICA JAZZISTA
Note:PRATICA JAZZISTA
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The first complete performance of each thing is what you’re hearing
Note:TECNICA MILES
Note:TECNICA MILES
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First-take feelings,
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generally the best.
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‘So What’.
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few takes aborted
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gives his cymbal a whack that’s just a little too hard.
Note:L ERRORE DI JIMMY COBB
Note:L ERRORE DI JIMMY COBB
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the trumpeter launches into what is to become one of the most famous solos in jazz,
Note:INVECE DI FERMARE TUTTO
Note:INVECE DI FERMARE TUTTO
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Miles Davis and his band improvised this musical revolution from moment to moment.
Note:UNA RIVOLUZ IMPRO
Note:UNA RIVOLUZ IMPRO
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it wasn’t the record that Miles had been hoping to produce.
Note:IL BELLO
Note:IL BELLO
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I missed what I was trying to do on Kind of Blue,
Note:FALLIMENRO PERSONALE
Note:FALLIMENRO PERSONALE
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Sometimes the mess produces something worth
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why Miles preferred improvising to careful composition. To improvise is to lose control
Note:A CHI PIACE PERDERE IL CONTROLLO
Note:A CHI PIACE PERDERE IL CONTROLLO
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what do we gain in exchange for that loss
Note:Cccccc
Note:Cccccc
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much faster and cheaper
Note:OVVIO QUANDO SI È IN STU
Note:OVVIO QUANDO SI È IN STU
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Kind of Blue took less than nine hours
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Sgt Pepper’s Lonely Hearts Club Band took seven hundred
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Another clear gain is flexibility.
Note:SECONDO GUADAGN
Note:SECONDO GUADAGN
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free to change course
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Speed, economy and flexibility:
Note:RIASSUNTO
Note:RIASSUNTO
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It’s magical, but it’s not magic,’ says Charles Limb. ‘It’s a product of the brain.’
Note:LA MAGIA DEL NUOVO SPIEGATA
Note:LA MAGIA DEL NUOVO SPIEGATA
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what goes on in an improvising brain.
Note | Location: 1,518
FMRI
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an intriguing pattern in the prefrontal cortex.
Note:SOLLECITATA IN MODO PARTICOLARE
Note:SOLLECITATA IN MODO PARTICOLARE
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seat of consciousness
Note:UNA PARTE IMPORTANTE
Note:UNA PARTE IMPORTANTE
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sense of self, sense of morality, sense of humour.
Note:TUTTI I PROCESSI PIÙ ELEVATI
Note:TUTTI I PROCESSI PIÙ ELEVATI
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dorsolateral areas,
Note:PARTE SILENZIATA
Note:PARTE SILENZIATA
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the medial frontal area,
Note:PARTE INFIAMMATA
Note:PARTE INFIAMMATA
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study by Braun of freestyle rappers.
Note:SIMILE
Note:SIMILE
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improvisers are suppressing their conscious control and letting go.
Note:SIGNIFICATO...NO HYPO
Note:SIGNIFICATO...NO HYPO
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censoring our own brains.
Note:DI SOLITO
Note:DI SOLITO
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self-control
Note:IL CONTRARII
Note:IL CONTRARII
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maybe it squashes creativity.
Note:EFFETTO
Note:EFFETTO
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Improvising musicians shut down their inner critics.
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improvising brain is a little like the tipsy brain,
Note:UN CERVELLO DISINIBITO E ALTICCIO
Note:UN CERVELLO DISINIBITO E ALTICCIO
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with the internal censor asleep, it sometimes feels like a messy, reckless thing
Note:UN GRAN CASINO
Note:UN GRAN CASINO
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‘We’re sorry about the interruption to your service.
Note:SCUSE COPIAINCOLLATE DA O2 DOPO IL DISSERVIZIO
Note:SCUSE COPIAINCOLLATE DA O2 DOPO IL DISSERVIZIO
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O2: but we still love you!
Note:RISPOSTA ALTERNATIVA SBARAZZINA SFACCIATA
Note:RISPOSTA ALTERNATIVA SBARAZZINA SFACCIATA
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responding to customer complaints with cheeky affection or the equivalent of a jokey wink,
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Chris’s tweets quickly attracted an audience,
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following O2 to watch the show,
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O2’s improvised defence was reported across the world and almost universally admired.
Note:SUCCESSO
Note:SUCCESSO
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respond with self-deprecating jokes.
Note:AUTOIRONIA
Note:AUTOIRONIA
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Tweets aren’t micromanaged; instead there’s a review every couple of weeks
Note:RIASSUNTO
Note:RIASSUNTO
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room to improvise and adapt to circumstances.
Note:BENEFICIO
Note:BENEFICIO
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trusting employees’
Note:SPAZIO IMPRO SPAZIO DIPEND
Note:SPAZIO IMPRO SPAZIO DIPEND
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the simple act of listening and improvising
Note:RISTORANTE...CAMERIERE CHE ORECCHIA E IMPROVV IL SERVIZIO
Note:RISTORANTE...CAMERIERE CHE ORECCHIA E IMPROVV IL SERVIZIO
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One woman ordered boots for her husband and then wanted to return them after he died in a car accident; the Zappos rep who took the call immediately sent her flowers.
Note:ZEPPOS
Note:ZEPPOS
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creating ‘freedom and space to hear things’.
Note:DAVIS DESCRIVE IL SUO JAZZ...NN SUONARE MA ASCOLTARE
Note:DAVIS DESCRIVE IL SUO JAZZ...NN SUONARE MA ASCOLTARE
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and to respond.
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Trained theatre improvisers learn something called ‘the habit of yes’.
Note:TEATRO
Note:TEATRO
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Always add to what has been said so far.
Note:AGGIUNGERE
Note:AGGIUNGERE
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Mondy is an actor with plenty of improv experience; Virginia, on the other hand, is his mother-in-law. She has dementia. By using his improv skills and his willingness to say yes
Note:IN DIALOGO CON I DEMENTI
Note:IN DIALOGO CON I DEMENTI
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help people with dementia feel less depressed
Note:EFFETTI DELLA FINTA
Note:EFFETTI DELLA FINTA
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What is the alternative? It is to continually remind dementia sufferers that it is Tuesday,
Note:ALTERNATIVA
Note:ALTERNATIVA
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A great conversation is a rare joy because it is full of surprises and thus requires constant improvisation.
Note:CONVERSAZIO
Note:CONVERSAZIO
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improvisation is fast, exciting and very human. But improvisation can be dangerous,
Note:BELLA E RISCHIOSA
Note:BELLA E RISCHIOSA
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Sometimes it is wise not to improvise. If you never speak in public
Note:ESPERIENZA E DOMINIO
Note:ESPERIENZA E DOMINIO
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The first element, paradoxically, is practice.
Note:QUEL CHE SERVE X IMPROVV
Note:QUEL CHE SERVE X IMPROVV
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The second element is a willingness to cope with messy situations.
Note:SECONDO
Note:SECONDO
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The third crucial element is the ability to truly listen,
Note:TERZO ASCOLTARE E RISPONDERE
Note:TERZO ASCOLTARE E RISPONDERE
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being willing to take risks and to let go.
Note:ELE MENTO PIÙ IMPORTANTE...ACCETTARE IL RISCHIO
Note:ELE MENTO PIÙ IMPORTANTE...ACCETTARE IL RISCHIO
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He wanted time to think.
Note:KING DOPO GLI EVENTI DI ROSA
Note:KING DOPO GLI EVENTI DI ROSA
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King found himself in an unfamiliar situation: he had to prepare his inaugural speech
Note:COLTO DI SORPRESA
Note:COLTO DI SORPRESA
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Every Sunday he delivered a sermon based on fifteen hours of hard work.
Note:RICORDIAMO
Note:RICORDIAMO
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As he spoke, King listened to the crowd, feeling out their response, speaking in the moment.
Note:METODO DAVIS
Note:METODO DAVIS
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His speech was not a solo; it was a duet with his audience.
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As with any extemporaneous performance, King’s was imperfect. His conclusion was limp. Some lines fell flat:
Note:IMPERFEZIONI
Note:IMPERFEZIONI
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never in his life delivered a sermon with such flaws.
Note:UNICUM
Note:UNICUM
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‘That was the great awakening,’
Note:UNA BUONA DEFINIZIONE DEL RISULTATO FINALE
Note:UNA BUONA DEFINIZIONE DEL RISULTATO FINALE
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King himself, one suspects, had not truly understood what he could unleash
Note:INCONSAP.
Note:INCONSAP.
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The days of meticulous preparation were behind him:
Note:DA ALLORA...
Note:DA ALLORA...
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‘Tell ’em about the dream, Martin,’ yelled the singer Mahalia Jackson.
Note:INTERAZIONE
Note:INTERAZIONE
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That speech would forever be known as ‘I Have a Dream’.
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