Understand the principles of psychology and behavioural economics driving decision-making and behaviour. We will be exploring broad spectrum of applications including customers, public policy, data science techniques
Learn the applied techniques in behavioural science to change behaviour, including the frameworks, survey methods, quantitative models. models of behavioural change, along with case-studies around the world and within the Indian context (including some of our projects!)
Get practical experience by working on a practical project that takes you through the behavioural solution design aspect of a course.
The program will be conducted live online, and you will have interaction with both the teaching team and other participants
Have a Slack group and channel
Weekly office hours
Instructor graded assessments
What you'll learn
- Understandinging the theoretical and empirical underpinnings of chocie and behaviour
- Learning how we can meaningfully predict and influence human behaviour ‘for good’
- Critically examining applications and case studies from real-world enterprise and policy settings
- Applying a methodology, mindset, and framework to design and implement behavioural change techniques to a practical case study project
What You Get
An online dive into Behavioural Economics, with lifetime access
Personalised 1-1 coaching with your faculty
As a student of Behavioural Economics in Decision-Making, you can book one 60 minutes, 1 on 1, video-based personal coaching session with the available faculty anytime during or after you have completed the program. You can use this time to:
Discuss academic opportunities and programs
Seek advice and guidance on career paths/projects/research
In this course, you'll learn from both market and academic experts. Their combined experience ranges across Psychology, Finance, Behavioural Economics and Neuroscience - in both the developed and developing worlds.
20 hours of live interactive lectures
5 hours of
Session 1: Rethinking Economics (2 hours)
In this session, we will be getting a broad level introduction to behavioural economics, the value it adds to the policy-maker’s toolkit and explore its adoption in policy-making units globally.
Session 2: Psychology for Behavioural Economics (2 hours)
In this session, we will evaluate the frailties in the ‘rational models’ of traditional economics. Subsequently, we will explore key psychological findings and tenets of behavioural decision-making such as dual system theory, prospect theory, loss aversion, endowment effect, framing effect, power of defaults.
Session 3: Judgement, Heuristics and Biases (2 hours)
In this session we will explore the role and mechanism of various heuristics and biases in decision-making arising out of cognitive constraints or bounded rationality. We will critically examine representativeness, availability, gambler’s fallacy, anchoring, attribute substitution, prototype heuristics, ‘fast and frugal’ heuristics and choice overload.
Session 4: Self-Control & Procrastination (2 hours)
In this session, we will explore the behavioural economics of intertemporal choice – doing now vs doing later. We will evaluate self-control problems, procrastination and inconsistent preferences. Lastly, we will critically examine the implications in a variety of settings (health, savings, consumer productss) and see how we can help people make better decisions over the life cycle and improve outcomes.
Session 5: Emotional Economics (2 hours)
In this session, we will see how visceral effects and emotional states influence our choices in a variety of settings. We will explore the role of hatred, vengeance, reciprocity, trust, fairness, norms, in motivating decisions and the implications for public policy. Lastly, we will examine how emotions can be leveraged to improve welfare.
Session 6: Happiness Economics (2 hours)
‘GDP growth’ is the most important goal for most nations. But does increasing the income of all raise the happiness of all? In this session, we explore the vast and peculiar relationship between income, wealth and subjective well-being. We will see how can measure life satisfaction and hedonic experiences, their mediators, and how we can supplement traditional policy tools like GDP with a ‘happiness-based’ approach.
Session 7: Behavioural Change - Nudging and Choice Architecture (2 hours)
In this session we will critically investigate the main methods, techniques and efficacy of applied behavioural techniques such as ‘nudging’ and ‘choice architecture’ to improve policy adoption and impact the field. We will leverage the conceptual ideas covered previously in the course and explore various successful case studies globally.
Session 8: Inside Nudge Units (2 hours)
In this session, we will learn the most effective ‘behavioral change frameworks’ that can guide the creation of interventions – nudges and beyond. We will also understand the nuances of designing and running behavioural experiments.
Session 9: Nudge, Sludge and Anti-sludge (2 hours)
In this session we will debate the various ethical considerations behind behavioural change strategies such as ‘nudge’, how we can create frameworks to ensure it is done ‘for good’, and the most common operational models of nudge units.
Session 10: Machine Learning & Data Science for Behavioural Economics (2 hours)
In this session we will explore the frontiers of behavioural economics in terms of hyper and personlzied nudging, their theoretical and empirical basis, and how to execute such methods in the real world. You will also be given your brief for the group-based hands on project and presentation!
Session 11: Group presentations! (2 hours)
In this session, each group will present their solutions from the Nudgeathon! To be followed by a Q&A!
A Slack group with all the participants will be created where a weekly Q&A by all students must be created for each other! (5% to be lost if even one week is missed ;)
A mid-term assignment after session 3 (40% weight)
A final term assignment after session 11 (40% weight)
Hands-on group project (15% weight)
Suggested time: 6
Type: Live, instructor-led
All students will be part of a Slack group where resource sharing and doubt resolution will occur
All classes will be taken on Zoom
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