lec7_pt2_neco_v2

lec7_pt2_neco_v2 - 14.127 Lecture 7 Part 2 Crossroads of...

Info iconThis preview shows pages 1–7. Sign up to view the full content.

View Full Document Right Arrow Icon
14.127 Lecture 7 Part 2 Crossroads of economics and cognitive science. Xavier Gabaix March 18, 2004
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
1 2 3 4 5 6 Outline . Introduction . Definitions (two system model) . Methods . Current research . Questions raised by neuroscience. . General modeling framework
Background image of page 2
1. Introduction • In an infinitely complex world, decision- makers need cognitive short-cuts. • Humans are good at finding them (i.e., we are good at simplifying the world) • Nobody has been able to build models (e.g., machines, algorithms) that gener- ally predict the decisions that we make. • Only domain specific models (e.g., chess, law of small numbers) have been successful.
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
The rational actor model is the “best” model proposed to date. • Precise theory (i.e., it makes quantitative predictions) • Applicable to all problems that can be expressed with explicit payoff functions • Comparative statics usually right
Background image of page 4
Cognitive Science in Nutshell No single framework exists Many complementary and overlapping frameworks
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Rough survey of the cognitive science fields : Psychology (esp. cognitive psychology): how do people process and react to stimuli/information? Cognitive neuroscience: measuring and modeling brains
Background image of page 6
Image of page 7
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 12/26/2011 for the course ECON 14.127 taught by Professor Staff during the Fall '10 term at MIT.

Page1 / 15

lec7_pt2_neco_v2 - 14.127 Lecture 7 Part 2 Crossroads of...

This preview shows document pages 1 - 7. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online