EDGE MASTER CLASS 2008—CLASS 1 RICHARD THALER: Here is the way Sendhil Mullainathan and I have thought about the day and a half that we have here. We have a pretty good idea of what we would like to do for the first three of our six sessions. This first session will be an overview of the concept of libertarian paternalism and choice architecture. The second one will flow directly from that, and has an idea, a solution, and we're going to talk about the problem that it may or may not solve. Then after lunch Sendhil is going to talk to us about some of the work he is doing on poverty. That will leave us three sessions that are up for grabs and we will give you a menu. Let me start by saying what behavioral economics is, and offering a definition. What are they? In standard economic theory, humans are considered to be unbelievably smart. Then it's taken that Sendhil is smarter than Paul—and that his model is better than Paul's, and thus the agents just grow in intelligence with the cleverness. THALER: Right.
The history of African-American social dance - Camille A. Brown Interested in some more of the history of social dance in the black community? This article has some great references and video clips showing the dances described and discussed in this lesson: From juba to jitterbug to jookin: Black dance in America. The educator of this lesson has a wonderful site that will further inspire you to learn more about social dance. Take a look here. History does really connect with culture through social dance. Here are two amazing references from Camille A. Interested in seeing a video clip from Mr. Photo credit for Camille A.
Behavioral economics There are three prevalent themes in behavioral finances: Issues in behavioral economics Behavioral finance The central issue in behavioral finance is explaining why market participants make systematic errors contrary to assumption of rational market participants. Such errors affect prices and returns, creating market inefficiencies. It also investigates how other participants take advantage (arbitrage) of such market inefficiencies. Behavioral finance highlights inefficiencies such as under- or over-reactions to information as causes of market trends (and in extreme cases of bubbles and crashes). Other key observations include the asymmetry between decisions to acquire or keep resources, known as the "bird in the bush" paradox, and loss aversion, the unwillingness to let go of a valued possession. Quantitative behavioral finance Quantitative behavioral finance uses mathematical and statistical methodology to understand behavioral biases. Financial models
The five major world religions - John Bellaimey HINDUISM Children in India are often given comic books describing the lives of the saints and gods. Take a look at one of these and think about the obstacle faced by the protagonist and what spiritual resources were required to overcome it.ISLAM Much of the beauty of the Qur'an comes in its poetry. To appreciate Arabic poetry is difficult for the non-speaker. Investigate the meanings of the following expressions and tell what each one means, literally and symbolically:"Seal of the Prophets""Sun" Letters and "Moon" LettersMen are known as Abu (Father of) and women as Umm (Mother of)Arabic words are all based on three (sometimes four) letter roots, so S-L-M is the root of Muslim, Salaam, Islam, and other wordsWhat are the Greater Jihad and the Lesser Jihad and why might most non-Muslims be surprised to learn which is which?
Tapping our powers of persuasion Most psychologists will read this “Questionnaire” with Robert Cialdini, PhD. That may or may not be true, but according to Cialdini, that statement is powerfully persuasive because we tend to go along with our peers. Cialdini, who retired last year from a teaching and research position at Arizona State University in Tempe, Ariz., is a renowned expert in the science of swaying. In his seminal book on the topic, “Influence: The Psychology of Persuasion” (Quill, 1984), he went undercover to learn the tricks mastered by used-car dealers and Fortune 500 executives alike, bringing persuasion research to psychology’s forefront. Cialdini distilled his findings into six “weapons of influence,” each grounded in how we perceive ourselves or others: Reciprocity: We inherently want to return favors. In recent years, Cialdini has been leveraging those weapons to address major world problems such as climate change by persuading people to reduce energy use. I think it’s a little too early.
Science Isn’t Broken If you follow the headlines, your confidence in science may have taken a hit lately. Peer review? More like self-review. Taken together, headlines like these might suggest that science is a shady enterprise that spits out a bunch of dressed-up nonsense. If we’re going to rely on science as a means for reaching the truth — and it’s still the best tool we have — it’s important that we understand and respect just how difficult it is to get a rigorous result. If you tweaked the variables until you proved that Democrats are good for the economy, congrats; go vote for Hillary Clinton with a sense of purpose. The data in our interactive tool can be narrowed and expanded (p-hacked) to make either hypothesis appear correct. Which political party is best for the economy seems like a pretty straightforward question. A p-value less than or equal to 0.05 is considered statistically significant, at least in psychology and the biosciences. What’s The Point: Bad incentives are blocking good science
Unit Bias: Cooking, Dieting and Investing Feast and Famine Cooking is, of all the inventions that have propelled mankind to the top of the food chain, probably the most important. Our dubious ascent to mastery of all we survey, other than investment bankers’ bonuses, is founded not on the skills of the scientist or the warrior but those of the humble cook. From this it follows that, if cookery is the bedrock of our civilisation, and civilisation is the trigger for the development of the invention of money, then we ought to look for parallels between food related biases and investment biases. Protect Your Meals As we’ve remarked before, in Eat Your Stocks, our fascination with money looks like a cultural effect mediated by evolutionary traits which were originally intended to keep us alive in a world where we were more likely to be eaten by a sabre toothed tiger than bankrupted by a silver tongued financial advisor. Wedged Up Fired to Success Clearly, somewhere along the way, humanity got darned good at driving in wedges. Unit Bias
How to Structure a Theory of Knowledge (TOK) Presentation | The Method The following Theory of Knowledge (TOK) presentation structure has been designed very carefully. (It’s taken about 2 years of conversations!) It’s easy for you to follow and ticks all the boxes. It tells you how many slides to have (eight), what text should go on each slide and what you should talk about while each slide is up. A clear structure like this is essential because it helps the audience follow what you’re saying. There are a few things I need to go over before we get into the slides. The Development Section When you get into the Development section (where the knowledge question is explored and analysed with reference to the AOKs and WOKs), you’ll see that we use a Claim, Counterclaim, Mini-Conclusion structure. Here’s an example, for one of your developments: -Your claim might be that all art is ethical and you show this using some theory (evidence) from the course. -Your counterclaim is a problem (a limitation) with your claim, or an opposing idea in the same perspective.
Robert Cialdini Robert B. Cialdini is Regents' Professor Emeritus of Psychology and Marketing at Arizona State University. He is best known for his 1984 book on persuasion and marketing, Influence: The Psychology of Persuasion. Influence has sold over 2 million copies and has been translated into twenty-six languages. Influence Influence: The Psychology of Persuasion (ISBN 0-688-12816-5) has also been published as a textbook under the title Influence: Science and Practice (ISBN 0-321-01147-3). In writing the book, he spent three years going "undercover" applying for jobs and training at used car dealerships, fund-raising organizations, and telemarketing firms to observe real-life situations of persuasion. Harvard Business Review lists Dr. Influence: The Psychology of Persuasion was included in 50 Psychology Classics (ISBN 978-1-85788-386-2) by Tom Butler-Bowdon. 6 key principles of influence by Robert Cialdini Selected publications Yes! See also References External links
Can you solve the prisoner hat riddle? - Alex Gendler The ‘prisoners and hats puzzle’ is a classic logic problem with many variants, some of which are described and summarized here. Like other puzzles where each player has information about the other players but not about themselves, they rely on inductive logic and the hierarchy of beliefs to figure out the other players’ thought processes to deduce the missing information. Just remember – if you try to stump other people with this kind of puzzle, make sure you have the right answer yourself. Love the challenge of this riddle? Take a look at these other puzzling lessons from TED-Ed! Can you solve the bridge riddle?