Sunday, November 18, 2012

"Introduction to Behavioral Economics and Behavioral Finance (Now With More Simpsons)"

Jodi Beggs is a lecturer in economics at Northeastern University
Although one of her precepts is "Econ funny" ≠ "funny" she is one of the funniest economists on the circuit, much funnier than The Stand Up Economist and approaching Prof. Whitehead in yuks per week (he posts much more frequently).
From Economists Do It With Models:

What My (Non)Students Have Been Learning, Behavioral Economics And The Simpsons Edition…
You’d think that my students would be sick of hearing me talk by now, but instead one of them invited me to speak at a meeting of the Northeastern University Economics Society. (Not coincidentally, they were also selling their version of an Economists Do It With Models T-shirt.) When I asked my student what I should talk about, the answer was the something along the lines of “Could you talk a little bit about what behavioral economics is? And about your site? And about the economics of The Simpsons? Oh, and this meeting is joint with the Finance and Investing Club, so could you make it relevant to finance as well? By the way, you have 40 minutes.” Thanks Annie. =P

I tried my best to work within those parameters, and I think it went pretty well. I told the students that I would make the slides from the talk available, so I figured I would put them up here for everyone. (I also added a few things in order to make the slides make a bit more sense as a standalone thing.)...MORE
Follow the link, see the presentation, thank me later.
Although the 68-slide flash version is very good, most folks read faster than the darn thing loads. I was grateful for the PDF version which allows you to laugh at your own pace.

Also at Economists Do It With Models:
I’m Glad I’m Not The Only One Whose Crystal Ball Is In The Shop…
Previous EDIWM links at CI:
What if Malthus Had Been an Optimist?
Economics: The Determinants of Demand 
"An Economist Watches Basketball"
Like Ms. Beggs we have found The Simpsons to be a treasure trove of recondite knowledge:
The Simpsons on Biofuels, Politics and P.R. Spin
 Marge: Now, I know you haven't liked some of my past suggestions, like switching to the metric system --
[stammers a little] The metric system is the tool of the devil!
My car gets forty rods to the hogshead and that's the way I likes it.
-[2F31] A Star is Burns
[hogshead: n 1: a British unit of capacity for alcoholic beverages]
Kang on politics:
Kang: Abortions for all.
[crowd boos]
Very well, no abortions for anyone.
[crowd boos]
Hmm... Abortions for some, miniature American flags for others.
[crowd cheers and waves miniature flags] -[4F02] Treehouse of Horror VII

Some non-homerians don't seem to comprehend the mystical genius that is Homer Simpson:
Wish for rain to wash away Homer 
 Pagans have pledged to perform "rain magic" to wash away a cartoon character painted next to their famous fertility symbol - the Cerne Abbas giant.
Homer Simpson next to the Cerne Giant in Dorset

A doughnut-brandishing Homer Simpson was painted next to the giant on the hill above Cerne Abbas, Dorset, to promote the new Simpsons film. 

Many believe the ancient chalk outline of the naked, sexually aroused giant to be a symbol of ancient spirituality....MORE

While others don't understand the scholarly requirement to properly cite.
We roll this one out for Pi Day (3.14) or in the European system 22/7
PiemanReal name: Homer J. Simpson
Occupation: Pastry Vigilante
Quote: "Don't do the crime if you can't do the key lime!" 

From "Guide to Mathematics and Mathematicians on The Simpsons"
"Apu: In fact I can recite pi to 40000 places. The last digit is one!
Homer: Mmmm, pie."
(episode [9F21] Pi (Pie) {sbj})
Finally, the statement which was runner-up to "Money Matters" as our blog descriptor:
"Stupidity Got Us Into This Mess and Stupidity
Will Get Us Out!"
-Homer J. Simpson
Quoted in The Wisdom of Homer