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Masters in Business
Advancing Behavioral Economics with Colin Camerer
Nov 14, 2024
Colin Camerer, Robert Kirby Professor of Behavioral Finance at Caltech, brings a wealth of knowledge on decision-making and neuroeconomics. He dives into the fascinating intersection of consumer behavior and psychological research, revealing how advanced technologies like MRI and eye-tracking shape our understanding of choices. Discover how hormones and neurotransmitters influence risk aversion and trust in financial contexts. Camerer also discusses market psychology and the storytelling behind investor behavior, uncovering the emotional nuances that drive financial decisions.
01:28:57
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Quick takeaways
- Neuroeconomics reveals that subconscious brain mechanisms significantly influence financial decision-making beyond conscious awareness and rational thought processes.
- Behavioral economics highlights how psychological factors, such as biases and emotions, lead to irrational financial behaviors and flawed decision-making strategies.
Deep dives
The Intersection of Neuroeconomics and Decision-Making
Neuroeconomics explores the cognitive processes behind decision-making by combining the insights of neuroscience with economic principles. It examines how brain activities influence choices before individuals develop conscious awareness of those decisions, demonstrating that many choices are dictated by subconscious brain mechanisms. For instance, techniques like fMRIs and EEGs can reveal how different brain regions activate when individuals face economic decisions, including risk assessments and financial planning. This field aims to unpack the complexities of human behavior in economic contexts, shedding light on why people often make seemingly irrational decisions.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode