Behavioral Economics: An Introduction

Learn an interdisciplinary approach to understanding economic behavior!

What you'll learn

Gain insight into an alternative approach of understanding decision-making by human agents.

Incorporate a novel interdisciplinary approach, which combines economics and psychology into future academic endeavours

Inculcate critical thinking within the realm of behavioural economics, and understand basic theoretical concepts of BE.

Applying behavioural insights in their own work: academic research, implementing a policy, running a company, or selling a product

Requirements

Have a basic understanding of or interest in economics and/or psychology.

Description

Incorporating insights from psychology in economics has come a long way since the 1950s. More recent Nobel laureates being recognized for their work in behavioral economics implies that the field is slowly, but surely coming into the mainstream and gaining acceptance. Our course provides an overview of the discipline, covering its history, essential theories, core principles, applications, and critiques. This course is among the first one hosted online to tackle these subjects with the rigor of academia while balancing out its implications for public policy, business strategy, and everyday life. This course was designed by Nikhil George, Hansika Kapoor, Aditya Nair, and Anirudh Tagat at Monk Prayogshala. We are grateful to Juhi Vajpayee for assistance in preparing course material.

Overview

Section 1: Section 1: What is Behavioural Economics?

Lecture 1 Lecture 1: An Overview

Lecture 2 Lecture 2: Course Map

Lecture 3 Lecture 3: What is Behavioural Economics

Lecture 4 Lecture 4: A Brief History of Behavioural Economics

Section 2: Section 2: Key Concepts of Behavioural Economics

Lecture 5 Lecture 5: Prospect Theory and Regret Theory

Lecture 6 Lecture 6: Loss Aversion and Endowment Effects

Lecture 7 Lecture 7: Hyperbolic Discounting

Lecture 8 Lecture 8: Framing Effects

Lecture 9 Lecture 9: Heuristics

Lecture 10 Lecture 10: Biases

Lecture 11 Lecture 11: Empathy Gaps

Lecture 12 Lecture 12: Bounded Rationality

Lecture 13 Lecture 13: Choice Architecture

Lecture 14 Lecture 14: Decision Points

Section 3: Section 3: Principles of Behavioural Economics

Lecture 15 Lecture 15 : Decision Making Under Uncertainty

Lecture 16 Lecture 16: Social Norms and Social Preferences

Lecture 17 Lecture 17: Consumer Behaviour

Lecture 18 Lecture 18: Choice Overload

Lecture 19 Lecture 19 : Self Control

Lecture 20 Lecture 20 : Effect of Payment Mechanism on Spending

Lecture 21 Lecture 21 : Power of Free

Lecture 22 Lecture 22 : Priming

Section 4: Section 4: Applying Behavioural Economics to Solve Problems

Lecture 23 Lecture 23 : Applications of BE & Nudging

Lecture 24 Lecture 24 : Reference-Dependent Preferences

Lecture 25 Lecture 25 : Mental Accounting

Lecture 26 Lecture 26 : Intertemporal Choice

Lecture 27 Lecture 27: Neuroeconomics

Lecture 28 Lecture 28 : Personality and Economics

Lecture 29 Lecture 29 : Disclosure and Smart Disclosure

Section 5: Section 5: The Future of Behavioural Economics

Lecture 30 Lecture 30 : Critical Evaluation

Lecture 31 Lecture 31 : Impact of Behavioral Economics

This is an introductory course to behavioural economics and is meant for students at the level of undergraduate, postgraduate, MPhil and PhD, and professionals or faculty members, or any person with basic understanding and interest in economics and/or psychology.,Policymakers, business owners, consultants and other professionals with an interest in applying behavioural science to their work