Behavioural Economics - applying Psychology

What do you expect from this course?

1. Lectures on Economics (of course!)

2. Especially the Behavioural / Behavioral aspect.

3. Plenty of examples and real-world applications - focusing on Behavioral/Behavioural aspects

4. Case Studies on Behavioural / Behavioral Economics

5. Discussions

6. Regularly added and/or updated lectures

7. Regular Educational Announcements

8. A thriving Q/A focusing on the Behavioural / behavioral aspect

AI summary of reviews:

"The reviews highlight the comprehensive and detailed course materials, including case studies and supplementary articles, which significantly broadened their understanding of behavioral economics. Initially underestimated, the course content proved to be more engaging and insightful upon deeper exploration, aided by the instructor's active involvement and support."

Behavioural 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. Behavioural economics blends insights from psychology with traditional economic models to better understand decision-making by individuals, firms, and other organizations.

Behavioural 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, behavioural economics provides a more accurate and detailed understanding of economic behaviour, 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

Note: You will get more out of this course if you participate.

Update:

Now including a brand new collection of Case Studies that examine the economic policies of President Trump following his election on November 6th 2024. These look from a Behavioural Economics viewpoint in particular at:

· Tariffs

· China’s growth

· World Economy

· Tax cuts

· Exporters

· Impact on seniors

· Exchange rate