#290

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RECORDED ON NOVEMBER 25th, 2019.
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.

Time Links:
00:46 Different types of decision-making, and the ones relevant to economics
07:46 Rationality from an economics perspective
13:32 Why is it important to integrate data from different sources to understand how a cognitive mechanism operates?
20:09 What insights can we get from neuroscience?
25:18 The current limits of neuroscience
35:01 The limitations with lab experiments, and their integration with field studies
39:32 Individualist vs collectivist approaches in economics (emergentism and reductionism)
44:09 Can we translate social norms as “social preferences”?
50:36 What is a “belief” in economics?
53:13 Do we need to know people’s ideas to explain social behavior?
57:31 Risk in economics
1:01:22 How risky gambling works (and how it applies in the stock market)
1:05:48 Are there solutions to prevent speculative price bubbles and risky gambling in the stock market?
1:11:18 Follow Dr. Camerer’s work!
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Twitter handle: @CFCamerer
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