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.
Model ThinkingUniversity of Michigan
About this Course
Skills you will gain
University of Michigan
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 stars82.25%
- 4 stars14.12%
- 3 stars2.18%
- 2 stars0.57%
- 1 star0.85%
TOP REVIEWS FROM MODEL THINKING
First time I have ever been excited about algebra and calculus. Understanding models will prove to be of great value when asked to interpret the meaning of collected data.
This is an excellent course. I wish I had taken this course before law school and graduate school. It would have saved me time and energy while increasing my grades.
The course presents a multitude of models that enable us to analyze human and systems behavior and interactions. By making implicit assumptions explicit we can understand real world processes better.
very informative and insightful on how to use the various models at our disposal to take optimal decision. Also, was nostalgic to go back in time where these models were part of my university degree.
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