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Our popular course Introduction to QuantLib Development will be taking place June 18-20th, 2018.

 

A blog about cognitive and behavioural economics. Building mathematical models of how psychology influences economic systems.


Neuroscience, psychology and economics: the evidence for System 3 (long)

Fri, 27 Apr 2018 13:27:51 GMT

In my last post I outlined the concept of System 3, what it is and why it matters. In short, System 3 is the mental ability to imagine the future and evaluate how happy you will be in it – based on how pleasurable the process of imagining itself is. A lot of different research strands have come together to result in the identification of System 3 as a distinct mental process. I summarise the key steps here: The fundamental building block of System 3 is the stimulus-response relationship. It...