John Davis - How to Avoid Herding in Research

The video features John Davis, a professor of economics, discussing his project on systemic risk and herding behavior in the economics profession. He explores the concept of research bubbles and the sociology of scientific knowledge. The discussion includes the methodology for identifying research bubbles, the influence of prestigious universities, and the role of feedback loops. John also shares his journey from philosophy to economics, emphasizing interdisciplinary research and its importance in fostering new economic thinking.

What is the primary focus of John Davis's project on systemic risk?

• Herding behavior in the financial community

• Herding behavior in the economics profession

• Monetary policy changes

• Asset bubbles in the stock market

How does herding behavior in research differ from asset bubbles in finance?

• It involves following research cues rather than financial trends

• It is more prevalent in the financial sector

• It leads to increased diversity in research

• It is unrelated to systemic risk

What is the sociology of scientific knowledge concerned with?

• The economic benefits of scientific discoveries

• The financial impact of scientific research

• The technological advancements in research methods

• The practices and conditions under which research is produced

Which method is NOT mentioned as a way to identify research bubbles?

• Citation patterns

• PhD production

• Stock market analysis

• Journal impact factors

What is the purpose of the workshop proposed by John Davis and Wade Hands?

• To develop new economic models

• To train economists in financial risk management

• To introduce a new feedback loop in economic research practices

• To publish a new economic journal

What inspired John Davis to pursue his project on systemic risk?

• A technological breakthrough

• A government policy change

• A new economic theory

• The financial crisis

What field did John Davis study before economics?

• Physics

• Philosophy

• Sociology

• Political Science

Why did John Davis find philosophy to be 'Ivory Tower'?

• It was not challenging enough

• It was too focused on economics

• It lacked real-world application

• It was too practical

Which economist also started in philosophy before moving to economics?

• John Maynard Keynes

• Milton Friedman

• Adam Smith

• Paul Samuelson

What is a key benefit of interdisciplinary research according to John Davis?

• It increases the speed of research

• It focuses solely on economic theories

• It helps avoid diminishing returns in a single field

• It reduces the complexity of research