Thinking Fast and Slow Daniel Kahneman Chapter 25 Bernoullis Errors Chapter 26

Thinking fast and slow daniel kahneman chapter 25

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losses the same way it values wins in the same amounts. Thinking Fast and Slow (Daniel Kahneman) Chapter 25, “Bernoulli’s Errors” Chapter 26, “Prospect Theory” Chapter 28, “Bad Events” Chapter 29, “The Fourfold Pattern” Chapter 30, “Rare Events” Chapter 31, “Risk Policies” Nudge (Richard H. Thaler and Cass R. Sunstein) Page of Rev. February 12, 2020 9 14
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Chapter 1, “Biases and Blunders” Calculated Risks (Gerd Gigerenzer) Chapter 4, “Insight” February 20 – off February 27 – Session 4: History and Temporality Decisions are not made in a vacuum, and things that happened in the past can influence the choices that people make. Past expenditures of time or money are not always treated as sunk costs. Looking at costs and benefits in the future requires tools for discounting future cash flows. But people’s choices do not always line up with what investment theory would predict. Thinking Fast and Slow (Daniel Kahneman) Chapter 27, “The Endowment Effect” The Winner’s Curse (Richard H. Thaler) Chapter 8, “Intertemporal Choice” Predictably Irrational (Dan Ariely) Chapter 7*, “The High Price of Ownership” *or Chapter 8, depending on which edition of the book you have March 6-8 – Session 5: ON-CAMPUS WEEKEND We will review the frameworks and behavioral biases discussed up to this point. Students will then work in groups to prepare projects analyzing an example from real-world behavior that can best be understood by using both the tools of traditional economics and the tools of behavioral economics. Predictably Irrational (Dan Ariely) Chapter 1, “The Truth about Relativity” Chapter 3, “The Cost of Zero Cost” Freakonomics (Steven D. Leavitt and Stephen J. Dubner) Chapter 3, “Why Do Drug Dealers Still Live with Their Moms?” March 12 – Session 6: Reaction and Comparison Decision-making is more complicated when it involves more than one party, and not just a simple yes/no decision on one person’s part. Game theory offers useful insights, but doesn’t always explain how bubbles happen. Moreover, people’s decisions can often be understood only in relation to how other people will react to them. Misbehaving (Richard H. Thaler) Page of Rev. February 12, 2020 10 14
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Chapter 14, “What Seems Fair” Chapter 15, “Fairness Games” Behavioral Economics (Philip Corr and Anne Plagnol) Chapter 5, “Manners, monkeys and moods” Page of Rev. February 12, 2020 11 14
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The Winner’s Curse (Richard D. Thaler) Chapter 2, “Cooperation” The Paradox of Choice (Barry Schwartz) Chapter 9, “Everything Suffers from Comparison” March 19 – off March 26 – off April 2 – Session 7: Happiness Traditional economics says that people maximize their expected utility, although utility is just a construct and not something that can actually be quantified and measured. Not only are there many dimensions to happiness, there is always uncertainty and unpredictability. As a result, the decisions people make cannot be purely rational.
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