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Bush 41, when he attempted to buy some milk from a grocery store in 1992, embarrassed himself by expressing surprise when the clerk scanned the item’s bar code.

Had Johnson added a few more contemporary examples of this kind, the argument would be easier to follow.

36) That too leads to a cognitive problem, as well as a social dysfunction.

Individuals are risk-averse and seek to smooth out changes in their fortunes (“consumption smoothing”), but we learn more by experiencing a lot of variation in our circumstances.

Frank several decades ago in his book , and it is not impressive to see it pulled out of the closet once again, without attribution for that matter.

When it comes to expected utility theory, however, Johnson is ahead of the curve.

He writes off the top of his head, though without care for what came before from Thomas Schelling, Jean Tirole, or Cass Sunstein, among other titans of the field.

Yet it is the duty of the reviewer to impose some order on the material.

I would start by noting that the pecuniary motive plays a small role in Johnson’s approach to behavior, as he assigns a more central role to the desire for pride and recognition.

On top of these mechanisms, Johnson inserts the idea of zero- and negative-sum status competition at the social level (pp. That means the winners from the competitive process end up making the lesser achievers feel worse, due to the nature of rivalry and envy.

That argument is a nice try, but in fact it was outlined by Robert H.

The resulting quest for success and approval reintroduces risk and volatility into our lives.

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