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.
About this Course
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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.
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TOP REVIEWS FROM MODEL THINKING
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.
Great content and lectures, that possibly provides new dimensions to look/explain the situation in context, I guess I will comeback for references to continue with this journey in to 'Model Thinking'
Inch deep mile wide - great, wide-ranging overview of models. Gets a bit technical and quantitative sometimes but the information is useful to apply a more critical thinking lens to everyday life.
This is a fantastic course that I would recommend to anyone interested in learning how to think better. It introduced me to many topics that i want to learn more about. Thank you, Professor Page!
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