Behavioral Economics: An Introduction (2023 Edition!)

In this lecture, we explain two important concepts: prospect theory and regret theory. We also look at some practical examples to help understand these concepts better.

In this lecture, we will learn two more important concepts: loss aversion and endowment effects. We will also look at some practical examples to help understand these concepts better.

In this lecture, we will learn different types of errors that lead to faulty decision-making outcomes along with relevant examples for a better understanding.

In this lecture, we will learn about the concept of Framing effects. How does the negative or positive frame affect behaviour?

In this lecture, we will learn the concept of  Heuristics. Drawing on seminal work of Daniel Kahneman and Amos Tversky, we outline four heuristics: Availability, Representativeness, Anchoring & Adjustment, and Affect.

In this lecture, we will learn the concept of Biases. Specifically, we look at common biases explored by behavioural economics researchers and practitioners:

• Negativity Bias

• Optimism Bias

• Planning Fallacy

• Counterfactual Thinking

• Magical Thinking

In this lecture, we will learn the concept of Empathy Gaps. We look at hot-cold empathy gaps and how they could potentially affect decision-making.

In this lecture, we will learn more about the concept of Bounded Rationality first proposed by Herbert Simon (Nobel Laureate in Economic Sciences).

In this lecture, we will learn the concept of Choice Architecture and Nudges as popularised by Richard Thaler and Cass Sunstein in their 2008 book.

In this lecture, we will learn the concept of Decision Points. We will also look at some practical examples to help you understand this concept better.

In this lecture, we will learn how people make errors when making decisions in uncertain situations and the aides that could help them in this decision-making process.

In this lecture, we will learn how social norms and social preferences affect individual behaviour.

In this lecture, we will learn the factors that influence consumer behaviour and the stages involved in a consumer's buying process.

In this lecture, we will learn the concept of choice overload drawing on the work of Sheena Iyengar. We will also look at some practical examples to help you understand this concept better.

In this lecture, we will learn how self-control is an important factor that affects consumer behaviour and choices. We will also look at some practical examples to help you understand this concept better.

In this lecture, we will learn how various payment mechanisms affect spending behaviour. We will also look at some practical examples to help you understand this concept better.

In this lecture, we will learn how the term 'free' influences consumer behaviour and the differences between free and almost free. We will also look at some practical examples to help you understand this concept better.

In this lecture, we will learn the concept of priming. We will also look at some practical examples to help you understand this concept better.

In this lecture, we will learn the concept of nudging in public policy and business, and various other applications of behavioural economics.

In this lecture, we will learn the concept of reference-dependent preferences drawing on work by Botond Koszegi and Matthew Rabin (2006).

In this lecture, we will learn the concept of mental accounting and its applications and examples in various settings.

In this lecture, we will learn the concept of intertemporal choice and decision-making under uncertainty.

In this lecture, we will learn the importance of a novel sub-field of behaviour economics that incorporates insights from neuroscience and neuropsychology, called neuroeconomics.

In this lecture, we will examine how certain personality traits can affect economic trends and influence consumer behaviour.

In this lecture, we will learn the importance of disclosure of information and transparency in an organization, and how it affects consumer behaviour.

In this lecture, we will critically examine the advantages and limitations of behavioural economics.

In this lecture, we will examine the extent to which behavioural economics has impacted research in economics and other disciplines, as well as how it has affected private and public policies.