Class Notes (884,961)
US (343,718)
U of A (1,076)
ECON (32)
ECON 2023 (20)
Lecture 17

ECON 2023 Lecture 17: ECON 8-3

3 Pages

Course Code
ECON 2023
Jeff Cooperstein

This preview shows page 1. Sign up to view the full 3 pages of the document.

Loved by over 2.2 million students

Over 90% improved by at least one letter grade.

Leah — University of Toronto

OneClass has been such a huge help in my studies at UofT especially since I am a transfer student. OneClass is the study buddy I never had before and definitely gives me the extra push to get from a B to an A!

Leah — University of Toronto
Saarim — University of Michigan

Balancing social life With academics can be difficult, that is why I'm so glad that OneClass is out there where I can find the top notes for all of my classes. Now I can be the all-star student I want to be.

Saarim — University of Michigan
Jenna — University of Wisconsin

As a college student living on a college budget, I love how easy it is to earn gift cards just by submitting my notes.

Jenna — University of Wisconsin
Anne — University of California

OneClass has allowed me to catch up with my most difficult course! #lifesaver

Anne — University of California
Brain Modularity • Modular - Specific areas deal w. specific sensations, activities, emotions - =Modern human brain - Oldest parts of brain=in back of head • Older parts= Subconscious activities - Breathing, sweating, automatic emotional reactions - Newest parts= in front (near forehead) • Newer parts= Conscious control - Think creatively, imagine future, keep track of everyone in social network - System 1 & System 2 - Brain’s decision-making systems= 2 categories System 1 • - Use a lot of heuristics in older parts of brain - Produce quick, unconscious reactions - E.g.) “gut instinct” • System 2 - Use newer parts of brain - Undertake slow, deliberate, conscious calculations of costs & benefits - E.g.) Thinking things over - Conflicts btw System 1 & 2 sometimes occur - Unconscious mental processes suffer from variety of cognitive biases - Cognitive bias - Misperceptions/ misunderstandings causing systematic errors - 2 categories • (1) Mental-processing errors result from faulty heuristics - (Faulty heuristics= result of trade off accuracy for speed & efficiency) • (2) Mental-processing errors result from brain not having any evolved capacities - For dealing w. modern problems & challenges - Total absence of System 1 for modern problems - E.g.) Solving calculus problem - System 2= limited assistance - Supposed to deal w. other types of problems - Scores of cognitive biases relevant to economics & decision-making Confirmation bias • - Tendency to pay attention only to info agrees w. one’s preconceptions - Info contradicting preconceptions..Ignored/ rationalized away - -> Allow bad decisions to continue long after impartial evidence stop them • Self-serving bias - Tendency to attribute successes to personal effort/ character traits - While at the same time attributing failures to factors that were out of control - Help to preserve people’s self-esteem - BUT difficult to learn from mi
More Less
Unlock Document
Subscribers Only

Only page 1 are available for preview. Some parts have been intentionally blurred.

Unlock Document
Subscribers Only
You're Reading a Preview

Unlock to view full version

Unlock Document
Subscribers Only

Log In


Don't have an account?

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.