Behavioural Economics - applying Psychology
Behavioural Economics - applying Psychology
.MP4, AVC, 1280x720, 30 fps | English, AAC, 2 Ch | 4h 51m | 5.43 GB
Instructor: Chris Sivewright
.MP4, AVC, 1280x720, 30 fps | English, AAC, 2 Ch | 4h 51m | 5.43 GB
Instructor: Chris Sivewright
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 aversion
- Confirmation bias
- Status quo bias
- Endowment effect
- Availability heuristic
- Framing effect
- Choice architecture
- Default bias
- Overconfidence bias
- Reciprocity
- Social proof
- Scarcity bias
- Sunk cost fallacy
- Heuristics
- Irrational escalation
- Hyperbolic discounting
- Prospect theory
- Nudge
- Bounded rationality
- Mental accounting
- Priming:
- Halo effect
- Availability cascade
- Zero-sum bias
- Self-serving bias
- Anchoring and adjustment
- Hot-cold empathy gap
- Intertemporal choice
- Social discounting
- Dual-process theory
Who this course is for:
- 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
Behavioural Economics - applying Psychology
