Introduction to Behavioral Economics
Introduction to Behavioral Economics
Behavioral economics is the science of human decisions: How do we make the decisions we make, and why? What factors affect our decisions, and when? When, where, and how are our decisions affected?
Behavioral economics studies actual, real-world human behavior and decisions and shows how, when, and where they deviate from the "rational" decisions made by people traditionally assumed in economic theory.
Learn about the way people make decisions, why they are not always “rational” (in a traditional economics sense) but how "biased" decisions may still be optimal, even if people apply heuristics (“rules of thumb”). Apply this new knowledge to your own life and be not as easily persuaded by companies and governments, or at least have a better idea about why companies and governments use certain scents, colors, images, and ways to communicate with people.
Start first by learning about traditional economics theory. This theory is the basis of all economics research. Then you will learn about behavioral economics foundations and some theories. Following, you will learn about human decision heuristics and biases and how these may affect your daily decisions. Then, you will learn how companies and governments use behavioral economics (sciences) knowledge in the real world. Get acquainted with the tricks used by experts to influence your decisions and choices! Maybe even learn to recognize those and not to be so easily swayed by those techniques anymore?
Enjoy the journey diving into a fairly new economics discipline. And good luck!
Course outline
Intro: What is behavioral economics (BE)? Locate BE within the social sciences.
Economics foundations
Utility, demand and supply, and expected utility theory
Homo economicus: the traditional economics assumptions and key economics concepts
Reviewing homo economicus assumptions and defending rationality
Behavioral economics foundations
Early survey responses
Economics experiments and games
Human decision-making
Bounded rationality
Dual system theory of thinking
Prospect theory of decision-making
Probability-weighting function
Value function
Regret theory of decision-making
The fourfold pattern of decision-making
Decision heuristics and cognitive biases
Heuristics
Representativeness
Availability
Anchoring & adjustment
Affect
Cognitive biases
Mental accounting
Hyperbolic discounting
Loss aversion
Endowment effect
Scarcity bias
And many more…
Social norms and social preferences
Behavioral economics frameworks
EAST
Double Diamond
MINDSPACE
COMBI / COM-B
Behavioral economics in action
Choice architecture
Policymaking
Some real-world examples
Wrap-up: Conclusion and takeaways.
Learn to make better decisions and how others use behavioral science knowledge to influence decisions and behavior.
Url: View Details
What you will learn
- Understand what behavioral science/economics is
- Learn about concepts, terminology, and theory of behavioral economics
- Learn how behavioral economics started and learn about experimental economics
Rating: 3.6
Level: Beginner Level
Duration: 2 hours
Instructor: Thomas Dudek
Courses By: 0-9 A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
About US
The display of third-party trademarks and trade names on this site does not necessarily indicate any affiliation or endorsement of hugecourses.com.
View Sitemap