Richard Lewontin: some perspectives on the sociology of ecology

There’s an interesting interview with Richard Lewontin over at the Evolution Institute.

First, he slags off Steven J Gould a bit:

RL: Now I should warn you about my prejudices. Steve and I taught evolution together for years and in a sense we struggled in class constantly because Steve, in my view, was preoccupied with the desire to be considered a very original and great evolutionary theorist. So he would exaggerate and even caricature certain features, which are true but not the way you want to present them. For example, punctuated equilibrium, one of his favorites. He would go to the blackboard and show a trait rising gradually and then becoming completely flat for a while with no change at all, and then rising quickly and then completely flat, etc. which is a kind of caricature of the fact that there is variability in the evolution of traits, sometimes faster and sometimes slower, but which he made into punctuated equilibrium literally. Then I would have to get up in class and say “Don’t take this caricature too seriously. It really looks like this…” and I would make some more gradual variable rates. Steve and I had that kind of struggle constantly. He would fasten on a particular interesting aspect of the evolutionary process and then make it into a kind of rigid, almost vacuous rule, because—now I have to say that this is my view—I have no demonstration of it—that Steve was really preoccupied by becoming a famous evolutionist.

And then his former advisor:

RL: Now, historically one of the most interesting—now I want to talk a little about the sociology of our science—Theodosius Dobzhansky, my professor and then greatest living evolutionary biologist…

DSW: Mr. “Nothing in biology makes sense except in the light of evolution…”

RL: Yeah, right. He was a very bad field observer. Theodosius Dobzhansky never, in his entire life, nor any of his students, me included—I would go out in the field with him, actually–ever saw a Drosophila pseudoobscura in its natural habitat…We didn’t know where they laid their eggs. We couldn’t have counted the number of eggs of different genotypes. How did we study Drosophila in the wild? We went out into the desert, into Death Valley, we moved into a little oasis, we went first to the grocery store, and bought rotten bananas. We mushed up the bananas with yeast till they fermented a bit, we dumped that into the paper containers, put it out in the field and the flies came to us…If I wanted to study evolutionary forces acting on some genetic polymorphism in Drosophila, I would go and look for some species of Drosophila where I could actually look at, perturb, and work with the actual breeding sites and egg laying sites and pick up larvae in nature and so on. And in fact there is such a group of Drosophila. They the cactophilic ones. There is a group [of scientists] from Texas and other places that studies the cactophilic Drosophila in an ecologically sensible way of going to the rot pockets and perturbing them, getting larvae out of them and so on. That group never acquired the prestige associated with the Dobzhansky school because—I don’t know why.

Lewontin is not normally my cup of tea, but this view is very interesting.

Richard Thaler on behavioral economics and nudges

Since the Nobel Prize committee decided to honor the rationality of the markets (or lack thereof), here’s a well-timed interview with behavioral economist RIchard Thaler:

Region: It’s hard to summarize the field, but you’ve written that there are three characteristics that differentiate Homo economicus from Homo sapiens: bounded rationality, bounded self-interest and bounded self-control.

Thaler: Those are the three things that—in the terminology Cass Sunstein and I use in our book Nudge.—distinguish humans from “econs,” short for Homo economicus. But I’ve now added a fourth “bound” that we also need in order to have behavioral economics: bounded markets.

If you had asked me in 1980 to say which field do you think you have your best shot at affecting, finance would have been the least likely, essentially because of the arguments that Becker’s making: The stakes are really high, and you don’t survive very long if you’re a trader who loses money.

Region: And you found that investors overreacted to both good and bad news; also, they were overconfident in their investing ability. The implication was that market prices weren’t always right. In other words, markets weren’t necessarily efficient, in contradiction to the efficient market hypothesis (EMH). Then in 2001, with Owen Lamont, you studied equity carve-outs and found more evidence that markets aren’t good at estimating fundamental value.

Thaler: Yes. Those papers highlight the two aspects of the efficient market hypothesis that I sometimes call the “no free lunch” part and the “price is right” part.
De Bondt and Thaler, “Does the Stock Market Overreact?” was about the no- free-lunch argument. When we were writing that paper in the early ’80s, it was generally thought by economists that the one thing we knew for sure is that you can’t predict future stock prices from past stock prices.

He goes on and talks about his work with the British government putting in successful ‘nudges’ and his relationship with Fama (they sit in mirror opposite offices at Chicago). He points out that when behavioral economics started with ‘bounded rationality’, a lot of the criticism was that it didn’t appear consistently or at the macro level. If you can’t aggregate the behavior, who cares? Well the more we investigate, the more important it turns out to be. I think neuroeconomics is in a similar stage – I’m not sure many economists really care, yet, because it will take time to figure out how to aggregate it. I wish I knew what Thaler thought about neuroeconomics. Anyone have a link to remarks of his on the topic?

Here’s an interview with Shiller who is teaming up with Akerlof to write a book about manipulation and deception in markets.