Behavioural Economics - Applying Psychology

Behavioural Economics : Psychology and Economics combined

What you'll learn

How small changes made by one actor (Government, firm) can influence actions by others (consumers, population)

How Behavioural Economics can be applied to a variety of policies eg. reducing obesity, increasing savings.

A thorough understanding of a wide range of Behavioral Economics concepts

The application - via Case Studies written for this course - of key Behavioral Economics concepts

Requirements

Internet connection

Time to THINK about the case Studies

A willingness to 'think behavioral concepts' when out shopping, seeing advertisements, reading about Government policies

Description

Behavioral Economics is a field of study that examines the effects of psychological, cognitive, emotional, cultural, and social factors on the economic decisions of individuals and institutions and how those decisions vary from those implied by classical economic theory. Behavioral economics blends insights from psychology with traditional economic models to better understand decision-making by individuals, firms, and other organizations.Behavioral economics has been applied to various areas including public policy, finance, health economics, and marketing. It helps in designing better economic models, public policies, and business strategies by providing a more nuanced understanding of human behavior.By recognizing that humans are not always rational agents and that they are influenced by a variety of non-economic factors, behavioral economics provides a more accurate and detailed understanding of economic behavior, paving the way for interventions that can improve individual and societal outcomes.Topics included:Anchoring:Loss aversionConfirmation biasStatus quo biasEndowment effectAvailability heuristicFraming effectChoice architectureDefault biasOverconfidence biasReciprocitySocial proofScarcity biasSunk cost fallacyHeuristicsIrrational escalationHyperbolic discountingProspect theoryNudgeBounded rationalityMental accountingPriming:Halo effectAvailability cascadeZero-sum biasSelf-serving biasAnchoring and adjustmentHot-cold empathy gapIntertemporal choiceSocial discountingDual-process theory

Overview

Section 1: Introduction

Lecture 1 Please watch this first - part 1

Lecture 2 Please watch this first - part 2

Lecture 3 Please watch this first - part 3

Lecture 4 Please watch this first - part 4

Lecture 5 Please watch this first - part 5

Section 2: SECTION ONE

Lecture 6 Setting the scene

Lecture 7 Some examples

Lecture 8 Another example

Lecture 9 And another

Lecture 10 The concepts

Lecture 11 The workbook

Lecture 12 Obesity

Lecture 13 Obesity and strokes

Lecture 14 Still on Obesity

Lecture 15 Going thru definitions

Lecture 16 You may also

Lecture 17 Some final examples

Section 3: SECTION TWO

Lecture 18 Behavioural Economics

Lecture 19 Case Study - Google

Lecture 20 Default settings

Lecture 21 Market competition

Lecture 22 Remedies

Lecture 23 Efficacy Nudges

Lecture 24 Behavioural Insights

Lecture 25 Time for some questions

Lecture 26 Winter Fuel Allowance

Lecture 27 Conclusion

Section 4: SECTION THREE

Lecture 28 Wandering round the countryside

Lecture 29 Pathway in the rain

Lecture 30 Just standing, standing

Lecture 31 Read the news

Lecture 32 Jammed up

Lecture 33 Tricky conditions

Lecture 34 Floods of information

Lecture 35 Winter fuel tax

Lecture 36 Conditions of Uncertainty

Lecture 37 Decision-making under Uncertainty

All Psychology students,All Economics students,All consumers,All business owners,All studying business - especially marketing,Anyone who really believes the consumer is rational - all the time