Behavioral Economics and Public Policy
Indian Institute of Management Bangalore
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.
About this Course
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.
What You'll Learn
- Explain and analyze nudges and how choices can alter a person’s behaviour
- Understand decision making and its deep psychological processes.
- Correlate human behviour with financial decisions.
- Understand the various choices and strategies that we take in real life environment by practical examples.
Prerequisites
- Basic understanding of economics is required.
Instructors
Ritwik Banerjee
Associate Professor of the Economics and Social Sciences