Beware Value Talk

Decisions depend on both values and facts. Values are about us and what we want, while (beliefs about) facts are about everything else, especially the way everything else changes how what we get depends on what we do. Both values and facts are relevant to decisions.

But honestly, facts usually matter far more. Yes, sometimes we err by mistaking our values, and sometimes our values are more complex than we realize. But for the vast majority of our decisions, we have a good rough idea of what we value, and most of our decision problem (on the margin) is to figure out relevant facts. (If you review the last ten decisions you made, I think you’ll see this is obvious.)

Even when learning values is important, talking values with others usually helps less. To learn what we value, we mostly just need to try different things out and see how we feel about them. So compared to thinking about values, talking values seems even less useful for informing decisions. That is, we have better ways to coordinate to discover the world we share than to coordinate to learn our individual values. Yet we seem to spend an awful lot of time discussing values. Especially on grand topics like politics, religion, charity, sex/love, the arts, the future, etc., we seem to spend more time talking values than facts. (We also love to drop names on these topics.) Why?

Such topics tend to put us in a far mental mode, and far modes focus us on basic values relative to practical constraints. Which makes sense if far modes function more to manage our social impressions. That is, value-focused talk makes sense if such talk functions less to advise decisions, and more to help us look good. By talking values we can signal our loyalties and the norms we support, and we can covertly hint about norm violations we might overlook. (Dropping names also lets us covertly signal our loyalties.)

This is what bugs me personally about most discussions of grand topics — they are so full of value affirmations (and name dropping), and so empty of info to improve decisions. The modes that we prefer for such topics, such as stories, music, testimonials, and inspirational speeches, are much better for transmitting values than facts. Worse, people love to revisit the same value topics over and over, even though their values rarely change; it is info about facts that change, and so justify revising topics often. Also, the “experts” we prefer on these grand topics are mostly those whose main celebrated credentials are about their values and their abilities to move values, not about their understanding of facts.

I’m glad to be an academic, since our standard mode of talk is better suited to discerning and sharing facts than values. And I’m especially glad to be an economist, since our using a standard value metric lets us focus most of our disagreement on differing views about facts. Of course even so most academic discussion isn’t very well targeted at improving decisions; we are far more interested in getting better credentialed as being impressive. But at least we mostly talk facts.

If you think you are one of the rare folks who actually cares more about making better decisions than about signaling loyalties, and if you wanted to find other like minded folks to work with, I’d think you’d tend to avoid talking values, as that would be a bad sign about your interests. But in fact most folks who say they are the rare ones who care mainly about better decisions, and who take lots of personal time talk about it, seem in fact to spend most of their time talking values. They even tend to prefer the value focused modes and experts. Why are so few folks willing to even pretend to focus on facts?

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