Wealth

One aspect of the behavioral economics discussion that I watched between David Laibson and Alyssa Goodman came during the discussion of economic modeling. I found it surprising how forthcoming Professor Laibson was about the inability to project stock performance over any far-reaching time frame.

The interview with professor Laibson was very insightful and the most surprising bit of information is how our current climate prediction models could be way off the charts. From previous classes I learned that the Intergovernmental Panel on Climate Change (IPCC) projects that the continued usage of

The Laplace demon theorem is dead? Even with more advanced theories of economics, professor Laibson does not believe that with further data in behavioural economics, we can fully model human behaviour with equations. With regards to uncertainty and confounds, Laibson still believes there are limits

After watching the interview with Professor David Laibson, I was very interested in the discussion about behavioral economics and its connections to uncertainty and prediction, focusing on human behaviors in the world of economics. In this prediction class, we have discussed a lot of the origins of

Something I found really interesting during the interview with Professor David Laibson was the idea of present bias. This stood out to me the most because it was something I could really relate to. I’ve constantly found myself, especially lately, pushing off almost everything I have to do until the

Professor Laibson's suggestion that rational choice theory, behavioral economics, machine learning, and simple theory are all valuable and possible to combine in some way in designing models for and predicting economic behavior was very insightful. All of these ideas appear to point to a larger trut

I thought the discussion of present bias was very interesting. It is cool to see how we can quantify and predict decisions a person makes based on a relative assessment of the impact of an action. For instance: humans naturally weigh present events more heavily than future events. This means that if

Prof. Goodman's interview with Prof. Laibson (linked here) was both a very interesting and odd experience, considering I am taking both of their classes simultaneously. It is especially remarkable to see the concepts two distinct fields/classes interlinking and material I've learned about in very di

The most surprising bit of information I learned during the Prediction X interview with Professor Stuart Firestein is that experiments are conducted at different rates in different fields of scientific study. I found it intriguing that Professor Firestein explained that experiments in Chemistry and

When I watched David Laibson's interview, there were two main questions in the back of my head that I wish I could ask him. First, it would be if behavioral economic models introduce any layer of complexity beyond a traditional economical model. This could be both through the addition of inputs, or

Last summer, I took Ec 10A and 10B, the introductory economics course taught by Professor David Laibson and like he said we mostly studied rules and theories based on a more deterministic and rational view of humans that allow us to creat steadfast explanations that we can follow to predict what may

I particularly resonated with your discussion of creating plans to perform tasks that you are likely to procrastinate. Adding intentionality to performing tasks through an outside accountability source makes people more likely to follow through with their plans. What are the deeper psychological mec

Interview Link: https://www.labxchange.org/library/pathway/lx-pathway:b5121779-9f49-49db-93d9-80d5d67dadb3/items/lx-pb:b5121779-9f49-49db-93d9-80d5d67dadb3:lx_simulation:f10b9110?source=%2Flibrary%2Fclusters%2Flx-cluster%3AModernPrediction One thing that surprised me from the interview on behaviora

I watched Prof. Alyssa's conversation with Prof. David Liabson, titled "Behavioral Economics." In this video, the pair discuss the more "human" side of economics -- Behavioral Economics-- in the context of its relationship with general prediction, reception and rationality, climate change, and more.

This is a question about the David Laibson Video. The question I would ask was sparked by a quick diversion that the conversation took. He mentioned that the stock market is a combination of many peoples forecasts and predictions. But, he mentions that there isn’t enough data to incorporate machine

In David Laibson's interview, he mentions the idea of Occam's razor in assessing how likely a theory or explanation is to be correct. I thought it was interesting because our models have a tendency to get progressively more complicated with time, when we introduce even more subtleties in the model.

This is a post for the David Laibson Video. The thing that stood out to me as very interesting is his thoughts about hybridization of the simple Occam’s razor type models with the more complicated machine learning predictive models. Earlier in the interview, he mentioned that it is likely that somet

At the end of the interview, Professor Laibson concludes, with Professor Goodman’s guidance, that Aristotle would have been in favor of the rational choice theory in economics. As a behavioral economist, Laibson has spent his career working to correct the mistakes of rational choice theory, involvin