RICHARD THALER has won the Nobel prize in economic sciences this year for his contributions to behavioural economics. It’s a well-deserved prize and a clarifying one, as far as economics is concerned.

Sourced through from:

For success in commercializing your science, you must understand the ebb and flow of the market capital. Here’s your first glimpse into understanding it.

  • Situations change: Each circumstance in which you and your company will land will result differently, as you must already understand. So, you must retain: Situations change, and so does the direction or size of capital flow. Although there’s that truth, there are certain things that usually occur when certain conditions are come about. You can generalize here to get a grasp on what to do in those events, or in the happenings around that area.
  • It is Hard: The market, as said before, is hard to pin down, and you should accept. So, when you fail in it, you get blame, for not assessing it sufficiently, but many times it is sporadic in giving the rewards it promises, and haphazard in its functioning altogether. Understand this so when you fail, you restraddle the horse, and when you win, you assess what you did right, assess the market and re-enter it. Overall, the market is so difficult to pin down because…
  • The Market Runs on Humans: The Noble Prize-winning research explained in the article judged whether people would share money equally when asked to. They did. When they were given different situations, they wouldn’t. They weren’t greedy or generous. They just aligned themselves with, in each circumstance, the socially acceptable idea of fairness to the other but mainly to themselves. This work showed how human morality, or humans’ idea of fairness, plays into almost every decision they make. This morality shifts per situation, so how would you not expect something based on these beings to shift per situation? In many events, humans don’t even rely on this morale system, they just do. So, sometimes, like humans’ actions, the flow of capital will be inexplicable. If you wished to understand it more, you would have to study human behavior.

These are the few things the article you must to understand if you want to better your chance of commercializing your science.