Surveys research which incorporates psychological evidence into economics. Prospect theory. Biases in probabilistic judgment. Self-control and mental accounting with implications for consumption and savings. Fairness, altruism, and public goods contributions. Financial market anomalies and theories. Impact of markets, learning, and incentives. Some evidence on memory, attention, categorization, and the thinking process.
Integrates psychological insights into economic models of behavior. Discusses the limitations of standard economic models and surveys the ways in which psychological experiments have been used to learn about preferences, cognition, and behavior. Topics include trust, vengence, fairness, impatience, impulsivity, bounded rationality, learning, reinforcement, classical conditioning, loss-aversion, over-confidence, self-serving biases, cognitive dissonance, altruism, subjective well-being, and hedonic adaptation. Economic concepts such as equilibrium, rational choice, utility maximization, Bayesian beliefs, game theory, and behavior under uncertainty are discussed in light of these phenomena.
This lesson will introduce students to the concept of fairness as it relates to probability following Part 1 of this lesson which introduces the concept and procedure for calculating probability. Both of these lessons use the resources of Shodor Education Foundation, Inc. Permission has been granted for the use of the materials as part of the workshop Interactivate Your Bored Math Students. Students will define fairness and determine if a game is fair.
Psychologist Jonathan Haidt studies the five moral values that form the basis of our political choices, whether we're left, right or center. In this eye-opening talk, he pinpoints the moral values that liberals and conservatives tend to honor most. Jonathan Haidt studies how -- and why -- we evolved to be moral. By understanding more about our moral roots, his hope is that we can learn to be civil and open-minded. His new book is "The Righteous Mind: Why Good People are Divided by Politics and Religion." A quiz, thought provoking question, and links for further study are provided to create a lesson around the 19-minute video. Educators may use the platform to easily "Flip" or create their own lesson for use with their students of any age or level.
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