Squirting water into ears has come up on LW before in connection with anosognosia, e.g. The Apologist and the Revolutionary. So this is at least somewhat consistent with my model of reality.
Indeed anosognosia is mentioned multiple times in the paper, perhaps serving as the motivation.
I don't think that adding a bias is "more rational" than not adding one, even if you are adding a bias that is in the opposite direction as a known one, unless you can estimate the total direction and magnitude of all of your biases and offset by that much.
First, this is equivocating rationality and accuracy. Second, just because something results in more rational decisions, that doesn't mean that it is valid to characterize it as increasing rationality. If I observe a compass, and see that the direction is pointing coincides with the direction that Oregon is from my current location, it would be an error to conclude that compasses point towards Oregon.
If you're interested in increasing your rationality, I have a homeopathic treatment specifically formulated for that purpose.
Even with the risk assessment metric based upon financial concerns, water to the ears may still trigger feelings of vulnerability - can anyone think of a way to mitigate this confound? Though I am curious why this effect would be more pronounced in the right hemisphere.
Low sample size, not reproduced (unless I'm wrong?), unclear that results would generalize even if true. I'm not sure it's fruitful to pay attention to such studies.
There was previous evidence that indicates that putting water into your left ear makes you more rational ( http://lesswrong.com/lw/20/the_apologist_and_the_revolutionary/ ). This study basically encourages it to treat the idea of putting water for rationality purposes in your left ear more seriously than we did based on previous evidence.
Eliezer used a medicine-dropper: http://lesswrong.com/lw/20/the_apologist_and_the_revolutionary/152
No, they did something even better than that..
Compared to baseline, average risk estimates were significantly higher during left-ear stimulation, whereas they remained unchanged during right-ear stimulation.
A recent paper in Cortex describes how caloric vestibular stimulation (CVS), i.e., rinsing of the ear canal with cold water, reduces unrealistic optimism. Here are some bits from the paper:
(CI stands for caloric irrigation which is how CVS was performed.)
It is not clear how close the participants came to being realistic in their estimates after CVS, but they definitely became more pessimistic, which is the right direction to go in the context of numerous biases such as the planning fallacy.
The paper:
Vestibular stimulation attenuates unrealistic optimism