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Roughly 90% in one case and about 15% in the other. on very consequential decisions people can be guided by those s people can be guided by the superficial aspects of the situation. >> do you think that what this tells you is that the government should be more active in trying to shape people's choices? what areas would you advocate more is done? >> well, you know, i think this is something that is actually happening today in the obama white house because you have a behavior economist who is in charge of regulation. and the focus there is consumer protection. it's making sure not only the thin...

>> i think there's a better than even chance there will be a naval incident between the chinese and either the vietnamese or the philippines. worse for the u.s. if it's philippines because they are a treaty ally. but it could be actually provoked by china. i'm more with daniel. i see more signs of instability, seesawing between trying to control inflation but realizing they are choking off credit and going back and forth. it's quite possible if they really get into trouble and could be connected with the leadership fight that they would provoke something. >> they are going to try to keep heads...

Money considerations. a rather small amount of money on the scale of what a particle collider costs. >> do you worry the federal government is not funding basic science at the level it used to in the 1950s and 1960s? >> i worry we don't have a vision of how we're doing to continue funding it. i think for a long time america was the place where discoveries were made, at least my field. in particle physics. i visited a lab a european there saying we're better find a particle because they just weren't finding things in europe. they were all being found in america. it's clear the attention has shi...

That makes that happen? >> there are two things. one is something that happens in your mind, the association. for some reason that problem brings $0.10 to mind. the other thing is something that doesn't happen. you don't think. that's the key difference. >> if you wrote it out as an equation i found you don't -- >> you don't make a mistake. $0.10 and another dollar that comes to $1.20. they don't trick. there are interesting differences between the people that trick and people that don't. at harvard and princeton, half of the people, or over half in some cases make a mistake on that one. other...

It's an association machine. >> when you think about this, does it make you feel the way in this economics is done, the way we think about economics is all wrong? because there is a sense in which what you're describing is the human capacity to really make false judgments all the time, to not know what is in your best rational self-interest. >> the idea that people are completely rational really is something very important, which is that the government has the responsibility to ensure disclosure. that people are given correct information when they interact in the market. it doesn't matter for ...