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This course provides a perspective to understanding decision making. It will equip the learners with tools to better understand these deep psychological processes. It will discuss the topics like loss aversion, nudges, some notions of fairness and will also deal with practical examples which will help to form strategies in real life work environment.
After a course session ends, it will be archived.
The course gives an introduction to behavioral economics through various tools and techniques and gives a detailed perspective to understand decision making. It will help in understanding the various psychological processes that a consumer goes through while making a decision using topics like nudges, choice architectures, some notions of fairness and also some real life examples. The course will also contextualise how a simple nudge can change a person’s decisions, strategies, and choices. The course touches upon indicators like Heuristics and biases, growth biases and risk preferences. The course will also introduce the terms like Loss aversion, sunk costs, discounting. It will give a distinction between the thought processes of econs and humans. Lastly, the course also delves into the topic of discrimination and its types, evidences and consequenes and how policies have been introduced to reduce the various gaps.
Basic understanding of economics is required.
At the end of this course, you will
Week 1: Heuristics and Biases
Week 2: Risk Preference of Humans
Week 3: Impatience and Self Control
Week 4: Strategic thinking and social preferences
Week 5: Behavioral Public Policy
Week 6: Nudges and Public Policy
