Why the Dismal Science Cares About Happiness

The video discusses the evolution of behavioral economics and its integration into mainstream economics. It highlights research on biases and beliefs, subjective well-being, and the emerging field of geno economics, which links genetic data with economic behaviors. The challenges of geno economics, including sample size and ethical considerations, are addressed. The video concludes with potential applications and the future of geno economics in mainstream economics.

What was the primary goal of the behavioral economics movement in the 80s and 90s?

• To eliminate psychological elements from economics

• To focus solely on statistical inference

• To replace traditional economic models entirely

• To incorporate psychological realism into economics

Why do happiness and life satisfaction measures fall short in capturing well-being?

• They are too broad and inclusive

• They fully account for social status

• They do not consider family happiness or life meaning

• They only measure market goods

What is the primary use of genetic data in Geno Economics?

• To create genetic predictors for economic behaviors

• To eliminate the need for surveys

• To predict market trends

• To replace traditional economic indicators

How can genetic data improve research studies?

• By providing a control variable that absorbs variance

• By eliminating the need for statistical analysis

• By predicting all economic outcomes

• By focusing only on environmental factors

What is the biggest challenge in conducting Geno Economics research?

• Over-reliance on traditional economic models

• Small sample sizes

• Lack of interest from economists

• Insufficient genetic data

What is the role of the Social Science Genetic Association consortium?

• To focus solely on medical genetics

• To eliminate the need for interdisciplinary research

• To assemble large datasets for genetic research

• To reduce the sample sizes needed for studies

Why is it important to be cautious when interpreting genetic associations?

• Genetic effects are deterministic

• Genetic effects are large and significant

• Genetic effects are small and involve environmental factors

• Genetic effects are irrelevant to economic outcomes

What motivates the speaker to work in Geno Economics?

• To eliminate the need for economic models

• To increase inequality in society

• To reduce inequality and improve outcomes for disadvantaged children

• To focus solely on genetic determinants

What is a common misconception about genetic effects in Geno Economics?

• They are easy to interpret

• They are solely environmental

• They are irrelevant to economic behaviors

• They are deterministic and large

What is the potential future application of Geno Economics in mainstream economics?

• To replace all traditional economic models

• To apply genetic data across a range of economic problems

• To eliminate the need for economic theory

• To focus solely on genetic determinants