MichaelBishop comments on Rationality Quotes September 2011 - Less Wrong

7 Post author: dvasya 02 September 2011 07:38AM

You are viewing a comment permalink. View the original post to see all comments and the full post content.

Comments (482)

You are viewing a single comment's thread. Show more comments above.

Comment author: gwern 28 March 2012 05:10:56PM *  6 points [-]

Surely more productive industrial researchers are generally paid more. Many firms even give explicit bonuses on a per patent basis.

Yes, but the bonuses I've heard of are in the hundreds to thousands of dollars range, at companies committed to patenting like IBM. This isn't going to make a big difference to lifetime incomes where the range is 1-3 million dollars although the data may be rich enough to spot these effects (and how many patents is even '4x'? 4 patents on average per person?), and I suspect these bonuses come at the expense of salaries & benefits. (I know that's how I'd regard it as a manager: shifting risk from the company to the employee.)

And I think you're forgetting that income did increase with each standard deviation by an amount somewhat comparable to my suggested numbers for patents, so we're not explaining why IQ did not increase income whatsoever, but why it increased it relatively little, why the patenters apparently captured relatively little of the value.

Comment author: MichaelBishop 28 March 2012 05:38:57PM 2 points [-]

Woh, I did allow myself to misread/misremember your initial comment a bit so I'll dial it back slightly. The fact that even at the highest levels IQ is still positively correlated to income is important, and its what I would have expected, so the overall story does not undermine my support for the hypothesis that at the highest IQ levels, higher IQ individuals produce more positive externalities. I apologize for getting a bit sloppy there.

I would guess that if you had data from people with the same job description at the same company the correlation between IQ, patents, and income would be even higher.