CALTECH EC 101 - Syllabus (21 pages)

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Syllabus



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Syllabus

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Pages:
21
School:
California Institute of Technology
Course:
Ec 101 - Selected Topics In Economics: The Economy And The State In Late Imperial China, 1600-1911
Selected Topics In Economics: The Economy And The State In Late Imperial China, 1600-1911 Documents

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30 April 2007 Ec 101 Topics in Behavioral Economics Prof Colin Camerer camerer hss caltech edu office Baxter 101 Mon 7 10 pm Baxter 25 TA s Meghana Bhatt mbhatt hss caltech edu David Young dty11 hss caltech edu http www hss caltech edu camerer Ec101 htm All economics rests on some sort of implicit psychology The only question is whether the implicit psychology is good or bad We think it is simply unwise and inefficient to do economics without paying some attention to good psychology Colin Camerer and George Loewenstein 2002 Advances in Behavioral Economics intro The interface of psychology and economics has a long history In 19th century social science the two were indistinguishable Economics books now considered classics Adam Smith Marshall Fisher Edgeworth were filled with psychological insight and did not insist agents were always rational in the sense of foresightful utility maximization or self interested Early in this century however the two disciplines took different methodological paths While both economics and psychology were inspired by empirical and theoretical methods in physical and natural sciences they took different routes Psychologists began to use experiments to chart the details of how people think and behave but did not seek to express theories in parsimonious mathematical terms Economists turned to highly simplified models of individual agents as building blocks for theories of markets general equilibrium and strategic behavior game theory One view is that psychology emulated biology accumulating carefullydocumented facts that were organized under broad themes while economics aspired to be like a physics of social life or as Edgeworth named his book Mathematical psychics This course will describe a modern attempt to draw the disciplines back together called behavioral economics which incorporates psychological regularities into economics while being formal and predictive The idea is to retain much of the basic style of neoclassical economic



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