What is Model Thinking? Why we need Model Thinking?
We live in a complex world with diverse people, firms, and governments whose behaviors aggregate to produce novel, unexpected phenomena. We see political uprisings, market crashes, and a never ending array of social trends. How do we make sense of it? Models. Evidence shows that people who think with models consistently outperform those who don’t. And, moreover people who think with lots of models outperform people who use only one. Models make us better thinkers..
Why do models make us better thinkers? Models help us to better organize information – to make sense of that fire hose or hairball of data (choose your metaphor) available on the Internet. Models improve our abilities to make accurate forecasts. They help us make better decisions and adopt more effective strategies. They even can improve our ability to design institutions and procedures.
1) Anyone who wants to be a better thinker!
a) To be an intelligent citizen of the world
b) To be a clearer thinker
c) To understand and use data
d) To better decide, strategize, and design
2) Fundamentals on Algebra would help in modeling
For each model, we present a short, easily digestible overview lecture.
Then, we will dig deeper, will go into the technical details of the model.
Those technical lectures won’t require calculus but be prepared for some algebra.
1) Why Model?
2) Segregation/Peer Effects
3) Aggregation & Decision Models
4) Modeling People & Categorical and Linear Models
5) Tipping Points & Economic Growth
6) Diversity and Innovation & Markov Processes
7) Lyapunov Functions & Coordination and Culture
8) Path Dependence & Networks
9) Randomness and Random Walks
10) Prisoners’ Dilemma and Collective Action & Mechanism Design
11) Learning Models: Replicator Dynamics & Prediction and the Many Model Thinker
Why this training?
Get a starter kit of models:
a) models of tipping points
b) models explaining the wisdom of crowds
c) models that show why some countries are rich and some are poor
d) models that help unpack the strategic decisions of firm and politicians.
The models covered in this training provide a foundation for future social science classes, whether they be in economics, political science, business, or sociology. Mastering this material will give you a huge leg up in advanced courses. They also help you in life.