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. 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. In this class, I present a starter kit of models: I start with models of tipping points. I move on to cover models explain the wisdom of crowds, models that show why some countries are rich and some are poor, and models that help unpack the strategic decisions of firm and politicians.
The mission of the University of Michigan is to serve the people of Michigan and the world through preeminence in creating, communicating, preserving and applying knowledge, art, and academic values, and in developing leaders and citizens who will challenge the present and enrich the future.
- 5 stars82.28%
- 4 stars14.11%
- 3 stars2.19%
- 2 stars0.56%
- 1 star0.84%
This is a great introduction to the types and uses of models. The lectures are clear, and the examples given show good applicability to real world problems. Thanks for making it available!
Clear. Well paced. Methodical. Ideal balance of mathematics and practical application. Mathematics not too overwhelming although it did push my thinking hard.
Really good. Fantastic overview.
For my taste it was a bit too easy and it could have gone more in depth in some topics. But I understand the need to keep it general also.
I love this course, and I want to thank you the University of Michigan and professor Scott for dedicating his time and putting all this information together.