1 00:00:00,012 --> 00:00:04,422 Thank you very much for persevering throughout this course and hanging out 2 00:00:04,422 --> 00:00:06,536 with us. I hope you found it useful. 3 00:00:06,536 --> 00:00:11,302 If you think about the overarching theme across all of the topics we covered, it's 4 00:00:11,302 --> 00:00:15,501 all about experimentations. It's all about the fact that many times we 5 00:00:15,501 --> 00:00:18,496 believe that we have an intuition that is correct. 6 00:00:18,496 --> 00:00:23,472 We believe that we know what's driving our behavior, and we know what's driving other 7 00:00:23,472 --> 00:00:27,166 people's behaviors, but often this intuition is not correct. 8 00:00:27,166 --> 00:00:30,816 It's not accurate. And what we do in the experimental method 9 00:00:30,816 --> 00:00:33,896 is we put these challenges to the experimental method. 10 00:00:33,896 --> 00:00:36,922 We say, let's see. Let's compare this condition and the 11 00:00:36,922 --> 00:00:39,973 control condition. Let's see if what we think will work 12 00:00:39,973 --> 00:00:44,030 better is actually works better. And I think this is something we need to 13 00:00:44,030 --> 00:00:46,869 incorporate in our daily lives to a higher degree. 14 00:00:46,869 --> 00:00:51,029 I think much like the FDA, the Feder the Food and Drug Administration, forces 15 00:00:51,029 --> 00:00:55,459 physicians to test their intuitions about what medications will work and not work. 16 00:00:55,459 --> 00:00:58,325 I think we need similar things in the business world, in the policy world and in 17 00:00:58,325 --> 00:01:00,715 our personal world, right? We make lots and lots of decisions. 18 00:01:00,715 --> 00:01:06,041 Are those the right decisions? Is following your intuitions really 19 00:01:06,041 --> 00:01:08,582 correct, okay? And I think that if we took this 20 00:01:08,582 --> 00:01:13,838 experimental approach and said that before we make any important decision, we want to 21 00:01:13,838 --> 00:01:18,218 try things out, we want to figure out empirically and not just with other 22 00:01:18,218 --> 00:01:22,631 intuitions, I thinks, I think that we will make much better decisions. 23 00:01:22,631 --> 00:01:27,352 And finally, I want to say that behavioral economics, and social science more 24 00:01:27,352 --> 00:01:30,298 generally, is an incredibly applicable field. 25 00:01:30,298 --> 00:01:34,744 Every principle we learn, every principle we discover, can have lots of 26 00:01:34,744 --> 00:01:38,350 manifestations in all kinds of areas of decision making. 27 00:01:38,350 --> 00:01:43,042 People get overburdened with choice. It has implications for how people choose 28 00:01:43,042 --> 00:01:46,846 online and offline, what we do with health care, what we do with insurance. 29 00:01:46,846 --> 00:01:50,817 If we think about the roles of emotion, it has to do with how do we give to charity 30 00:01:50,817 --> 00:01:54,076 and how we think about the kids and what do we do with education. 31 00:01:54,076 --> 00:01:58,291 When we think about bonuses and salaries, it has to do with the education system and 32 00:01:58,291 --> 00:02:01,549 Wall Street. When we think about dishonesty, it has to 33 00:02:01,549 --> 00:02:05,916 do with crime and Wall Street again. It also has to do with judges and the 34 00:02:05,916 --> 00:02:09,325 legal system and so on. And I think that the real benefit for 35 00:02:09,325 --> 00:02:13,361 studying social science comes from trying to apply those principles. 36 00:02:13,361 --> 00:02:21,053 So if I can leave you with this one wish, it's to try and take those ideas and as 37 00:02:21,053 --> 00:02:27,963 you go forward in life try to think about where you could apply them. 38 00:02:27,963 --> 00:02:36,608 Try to take any particular situation and try to analyze what are the potential 39 00:02:36,608 --> 00:02:44,673 forces, what are the potential. And I think that if we all do it we could 40 00:02:44,673 --> 00:02:53,313 do much better. And I think that if we all do it we could 41 00:02:53,313 --> 00:02:56,189 do much better.