#290 Colin Camerer: The Economics And Neuroscience Of Decision-Making

------------------Support the channel------------ Patreon: https://www.patreon.com/thedissenter SubscribeStar: https://www.subscribestar.com/the-dissenter PayPal: paypal.me/thedissenter PayPal Subscription 1 Dollar: https://tinyurl.com/yb3acuuy PayPal Subscription 3 Dollars: https://tinyurl.com/ybn6bg9l PayPal Subscription 5 Dollars: https://tinyurl.com/ycmr9gpz PayPal Subscription 10 Dollars: https://tinyurl.com/y9r3fc9m PayPal Subscription 20 Dollars: https://tinyurl.com/y95uvkao ------------------Follow me on--------------------- Facebook: https://www.facebook.com/thedissenteryt/ Twitter: https://twitter.com/TheDissenterYT Anchor (podcast): https://anchor.fm/thedissenter Dr. Colin F. Camerer is the Robert Kirby Professor of Behavioral Finance and Economics at the California Institute of Technology, where he teaches cognitive psychology and economics. His work seeks a better understanding of the psychological and neurobiological basis of decision-making in order to determine the validity of models of human economic behavior. His research uses mostly economics experiments—and occasionally field studies—to understand how people behave when making decisions (e.g., risky gambles for money), in games, and in markets (e.g., speculative price bubbles). In 2013, Dr. Camerer was named a MacArthur Fellow. In this episode, we focus on the modern science of economics, integrated with cognitive and experimental psychology, and neuroscience. We first discuss the different types of decision-making that we are cognitively endowed with. We address what rationality is from an economics perspective. We talk about the importance of collecting data from different sources to develop a full understanding of our cognitive mechanisms, from psychology, economics, anthropology and neuroscience. Then, we focus on the current state of the art in neuroscience, its limitations as a discipline and at the level of its imaging techniques, and the knowledge we can draw from it. We also refer to the limitations of lab experiments, and how they can be complemented by field studies in natural settings. We also talk about individualist vs collectivist approaches in economics; how to think about social norms; and what are “beliefs” in economics. Finally, we discuss the concept of “risk” in economics, the factors behind risky gambling in the stock market, and possible ways to prevent it. Faculty page: http://bit.ly/2shuC86 Website: http://bit.ly/34i5mwE ResearchGate profile: http://bit.ly/35zIybK Twitter handle: @CFCamerer -- A HUGE THANK YOU TO MY PATRONS/SUPPORTERS: KARIN LIETZCKE, ANN BLANCHETTE, SCIMED, PER HELGE HAAKSTD LARSEN, LAU GUERREIRO, RUI BELEZA, ANTÓNIO CUNHA, CHANTEL GELINAS, JERRY MULLER, FRANCIS FORDE, HANS FREDRIK SUNDE, YEVHEN BODRENKO, SERGIU CODREANU, ADAM BJERRE, AIRES ALMEIDA, BERNARDO SEIXAS, HERBERT GINTIS, RUTGER VOS, RICARDO VLADIMIRO, BO WINEGARD, VEGA GIDEY, CRAIG HEALY, OLAF ALEX, PHILIP KURIAN, JONATHAN VISSER, DAVID DIAS, ANJAN KATTA, JAKOB KLINKBY, ADAM KESSEL, MATTHEW WHITINGBIRD, ARNAUD WOLFF, TIM HOLLOSY, HENRIK AHLENIUS, JOHN CONNORS, PAULINA BARREN, AND FILIP FORS CONNOLLY! A SPECIAL THANKS TO MY PRODUCERS, YZAR WEHBE, ROSEY, JIM FRANK, AND ŁUKASZ STAFINIAK! AND TO MY EXECUTIVE PRODUCER, MICHAL RUSIECKI!