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Lecture 8: Risk Preferences II

Description: This lecture continues the discussion of risk preferences, and delves into reference-dependent preferences, an alternative model to expected utility. Instructor: Prof. Frank Schilbach

Lecture 9: Reference-Dependent Preferences

Description: In this video, Prof. Schilbach explains reference-dependent preferences, a central principle in prospect theory, that is, a person evaluates outcomes and expresses preferences relative to an existing reference point. Instructor: Prof. Frank Schilbach

Lecture 10: Social Preferences I

Description: Students participate in simple in-class experiments and games to learn about the concept of social preferences. Instructor: Prof. Frank Schilbach

Lecture 11: Social Preferences II

Description: In this lecture, Prof. Shilbach continues the discussion about social preferences. He explains what social preferences are, how we measure them, and if social preferences are malleable. The instructor explores two types of evidence: lab experiments and field evidence. Instructor: Prof. Frank Schilbach

Lecture 12: Social Preferences III

Description: This lecture continues the discussion of social preferences by taking a deeper dive into games like the Dictator game, among others. Instructor: Prof. Frank Schilbach Note: In March 2020, MIT students were sent home because of the COVID-19 pandemic, and classes were taught virtually. For lectures 12 and 13, Prof. Schilbach continued to teach from the classroom on campus, until he began teaching via Zoom starting with the mid-term review.

Lecture 13: Social Preferences IV

Description: This lecture covers field evidence of social preferences, including social preferences in the workplace, policies to increase pro-sociality, and the benefits of pro-sociality. Instructor: Prof. Frank Schilbach Note: In March 2020, MIT students were sent home because of the COVID-19 pandemic, and classes were taught virtually. For lecture 12 and 13, Prof. Schilbach continued to teach from the classroom on campus, until he began teaching via Zoom starting at the mid-term review.

Mid-Term Review

Description: In this video, Prof. Schilbach provides a review for the mid-term exam. He covers both the types of questions students will encounter and what content they need to know. Instructor: Prof. Frank Schilbach

Lecture 14: Limited Attention

Description: In this lecture, the instructor introduces the concept of limited attention, that is, humans will make decisions based on the limited knowledge they can gather. Instructor: Prof. Frank Schilbach

Lecture 15: Utility from Beliefs; Learning I

Description: In this video, the professor discusses why people miss information and fail to learn. People derive utility from (wrong) beliefs. Specifically the instructor explains anticipatory utility and ego utility. Instructor: Prof. Frank Schilbach

Lecture 16: Utility from Beliefs; Learning II

Description: In this video, the professor continues the discussion of why people miss information and fail to learn. People derive utility from (wrong) beliefs. Specifically the instructor covers anticipatory utility and ego utility. Instructor: Prof. Frank Schilbach

Lecture 17: State-Dependent Preferences, Projection, and Attribution Bias

Description: In this lecture, Prof. Schilbach discusses preference changes, where people’s preferences, sometimes unpredictably, change over time. He also covers projection bias, which is when someone is unable to predict their own preferences. Instructor: Prof. Frank Schilbach

Lecture 18: Gender, Discrimination, and Identity

Description: In this video, Prof. Schilbach explains the concepts of gender and identity in relation to economics. Topics include the gender gap, technological solutions, beliefs, and gender identity norms. Instructor: Prof. Frank Schilbach

Lecture 19: Defaults, Nudges, and Frames

Description: In the first half of this video, Prof. Schilbach continues the discussion on gender from lecture 18. He then transitions to talk about non-standard decision-making, specifically defaults, nudges, and frames. Instructor: Prof. Frank Schilbach

Lecture 20: Malleability and Inaccessibility of Preferences

Description: In this video, Prof. Schilbach finishes the topic of defaults from lecture 19. He then continues to talk about malleability and inaccessibility of preferences. Instructor: Prof. Frank Schilbach

Lecture 21: Poverty through the Lens of Psychology

Description: This video provides a broad overview of the psychology of poverty. Topics covered include scarcity and the way poverty creates many other deprivations. Instructor: Prof. Frank Schilbach

Lecture 22: Happiness and Mental Health

Description: In this lecture, the instructor talks about happiness and subjective wellbeing. Topics include rationality and revealed preferences, utility, happiness, and mental health. Instructor: Prof. Frank Schilbach

Lecture 23: Policy with Behaviorial Agents

Description: In this lecture, Prof. Schilbach talks about paternalism, using the specific example of libertarian paternalism. Additionally, the class also discusses whether to rely on market solutions. Instructor: Prof. Frank Schilbach

MIT STS.081J/17.395J Innovation Systems for Science, Tech, Energy, Manufacturing & Health, Spring 2017

Class 1, Part 1: Economic Growth Theory and the Direct Elements in Innovation

Description: Class 1 reviews two classic readings (by Solow and Romer) in economic growth theory, turns to a discussion of the innovation-related basis for growth in the 90’s, and notes through NSF data the effect of the economics of globalization and the comparative efforts of other competitor nations. Two elements of direct innovation policy will be introduced: R&D funding, (including the physical science R&D funding challenge) and science and technology education levels, with international comparisons. An investment firm paper will suggest how businesses look at these innovation issues. Part one of two. Instructor: William Bonvillian

Class 1, Part 2: Economic Growth Theory and the Direct Elements in Innovation

Description: Class 1 reviews two classic readings (by Solow and Romer) in economic growth theory, turns to a discussion of the innovation-related basis for growth in the 90’s, and notes through NSF data the effect of the economics of globalization and the comparative efforts of other competitor nations. Two elements of direct innovation policy will be introduced: R&D funding, (including the physical science R&D funding challenge) and science and technology education levels, with international comparisons. An investment firm paper will suggest how businesses look at these innovation issues. Part two of two. Instructor: William Bonvillian

Class 2, Part 1: Innovation Systems and Direct/Indirect Elements in the Innovation Ecosystem

Description: Class 2 will discuss how innovation is organized into a system, and the elements and actors in this system. It will also include a summary of indirect or implicit elements in this system. These include, on the governmental side, fiscal policy, tax policy, standards, technology transfer policies, trade policy, procurement, intellectual property, the legal system, regulation, antitrust, export controls, etc. On the private sector side, these include markets, management approaches including support for incremental verses radical innovation, accounting systems and information transparency, business models, and venture and angel capital, etc. The class will also review innovation wave theory (“Kondratiev Waves”). The World Economic Forum’s latest national competitiveness rankings will be used to look at a range of competitiveness factors. Particular “indirect elements” will receive focus, including the ongoing debate over how the accounting system values innovation, the ramifications of current fiscal policy, and the role of venture and angel capital. The lack of innovation metrics will be reviewed. The class will also discuss policy justifications for governmental verses private sector roles, including the long-standing debate over industrial policy, and the “market failure” and the “public value” (as pursued by science and technology mission agencies) justifications for a public role. Part one of two. Instructor: William Bonvillian

Class 2, Part 2: Innovation Systems and Direct/Indirect Elements in the Innovation Ecosystem

Description: Class 2 will discuss how innovation is organized into a system, and the elements and actors in this system. It will also include a summary of indirect or implicit elements in this system. These include, on the governmental side, fiscal policy, tax policy, standards, technology transfer policies, trade policy, procurement, intellectual property, the legal system, regulation, antitrust, export controls, etc. On the private sector side, these include markets, management approaches including support for incremental verses radical innovation, accounting systems and information transparency, business models, and venture and angel capital, etc. Part two of two. Instructor: William Bonvillian

Class 3, Part 1: The Competitive Challenge to U.S. Manufacturing

Description: Class 3 will first review the nature of the competitiveness debate of the 80’s and early 90’s, which focused on the manufacturing sector, particularly on process efficiency and quality. The role of manufacturing in the U.S. economy will be discussed, including its declining share of the economy. The nature of the international competition in manufacturing and the strategies of other international competitors, both in the 80’s and now, including in advanced manufacturing sectors, will be reviewed in detail. Approaches in Japan and Korea will be explored. The hierarchical, layered and networked models for industrial organization will be noted along with the “disruptive technologies” approach to innovation, as well as corresponding possible approaches for manufacturing process technology productivity breakthroughs. Part one of two. Instructor: William Bonvillian

Class 3, Part 2: The Competitive Challenge to U.S. Manufacturing

Description: Class 3 will first review the nature of the competitiveness debate of the 80’s and early 90’s, which focused on the manufacturing sector, particularly on process efficiency and quality. The role of manufacturing in the U.S. economy will be discussed, including its declining share of the economy. The nature of the international competition in manufacturing and the strategies of other international competitors, both in the 80’s and now, including in advanced manufacturing sectors, will be reviewed in detail. Approaches in Japan and Korea will be explored. The hierarchical, layered and networked models for industrial organization will be noted along with the “disruptive technologies” approach to innovation, as well as corresponding possible approaches for manufacturing process technology productivity breakthroughs. Part two of two. Instructor: William Bonvillian