TTC Video – Behavioral Economics: When Psychology and Economics Collide

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The scientific study of decision making, as well as the associated issues of value, exchange, and interpersonal relationships, is known as behavioral economics. Using methodologies from psychology, sociology, neurology, and economics, this amazing field sheds light on one of the most fundamental aspects of human existence: decision making.

We face decisions every day, from what to buy at the grocery or how to spend the weekend to which job path to follow, which automobile to purchase, or how to invest our money. We make decent judgments the majority of the time. But there are times when we don’t. Our decisions, whether successful or not, have an impact on how our lives develop.

Despite the fact that we are continuously making decisions, we rarely think on the process of decision making itself. Making judgments sometimes appear to be mostly intuitive—and intuitions do not always result in joyful consequences. But what if you had complete control over the process? What would life be like if you could grasp the decision-making gears—the exact patterns of perception and cognition that form your choices—and manipulate them to your advantage?

Behavioral economics provides precisely such a potential. Behavioral economics, with an acute emphasis on human behavior, reveals what is generally concealed from view in our decision-making process, analyzing the primary motivators for our actions, such as probability, risk, reward, and the passage of time. It gives intriguing light on human psychology and how our brains absorb information and modify our perceptions when we make judgments in this way.

Most importantly, by applying its distinct approach to a wide range of real-world issues, behavioral economics provides powerful, practical tools for making better, more rewarding decisions.

As an example, behavioral economics reveals several human biases or behavioral inclinations that impact our judgments, sometimes unconsciously. Behavioral economists, for example, demonstrate that our brains bias us to regard familiar items as better or more value, making name-brand products or stocks of known corporations appear desired. This natural human impulse can lead to poor financial decisions.

The good news, as behavioral economics plainly demonstrates, is that our habitual decision-making processes and patterns are not unavoidable. By being aware of them and seeing how they function in our daily behaviors, we may open up new options for our own behavior and decision making, perhaps improving our quality of life significantly.

In Behavioral Economics: When Psychology and Economics Collide, award-winning Duke University Professor Scott Huettel takes you on a deep dive into the decision-making processes that are a part of everyday life. In 24 enlightening courses, you’ll learn how behavioral economists approach decision making and investigate a set of key concepts that provide substantial insight into how humans acquire information and integrate different aspects to make judgments. Each topic develops to tangible suggestions by using real-life examples and case studies, so you can grasp the patterns of decision making, the goals they serve, and how to apply your knowledge to make more successful and useful judgments.

Discover Decision Making’s Hidden Structures

Professor Huettel focuses on interesting and seemingly contradictory topics about human behavior:

Why does voluntary blood donation plummet when people are compensated?
Why do doctors pick objectively better therapy for their patients than they do for themselves when presented with the same medical condition?
Why do employees frequently fail to enroll in favorable retirement plans, especially those that require no financial input from them?

All of these may appear paradoxical, but they have a deep structure that we can analyze using behavioral economics approaches. You’ll look at essential subjects like these to understand the fundamental causes in decision making:

Simple rules: “heuristics”: Examine four of the most frequent internal guidelines individuals use to expedite decision making, or “heuristics,” using real-life examples, and determine when heuristics are beneficial and where they fail.
Judgments about probability: Discover how humans translate factual knowledge about probability into a subjective impression of what could happen—a flawed approach—and get an understanding of two techniques for improving probability-based decisions.
Consider why time-related judgments are so difficult; investigate how time effects the subjective worth of money; and learn fundamental tactics for making better time-related decisions.
Dealing with danger: Analyze the factor of risk tolerance in decision making; investigate the dynamics of perceived advantages vs perceived risks in choice issues; and research risk management concepts.
Medical decisions with high stakes: Discover three key aspects that impact how we make medical decisions, and discover how to use behavioral economics ideas to enhance our choices in this field.
Group decision making: Investigate how group diversity enhances decision making, as well as the principles that lead to excellent group decisions and how to apply those concepts in a variety of practical scenarios.

Behavioral Biases: Transforming Weaknesses into Strengths

Professor Huettel emphasizes cognitive processes that impact our behavior, pulling us toward safety, temptation, or instant benefits, as a fundamental component of these lectures. Among them is what behavioral economists refer to as confirmation bias—the tendency in decision making to seek evidence that supports our current ideas or to misunderstand evidence that contradicts our existing assumptions. You’ll learn how to prevent or limit this prejudice through concrete examples, leading to more informed and intelligent decisions.

The course closes with an in-depth examination of two extremely effective decision-making processes. “Precommitment” to a course of action entails making a binding choice in the present for future rewards. “Reframing” tactics change how facts in a choice are weighed against some reference point, allowing vital new insights to emerge. You will investigate the tremendous consequences of precommitment and reframing in instances ranging from economic transactions and consumer choices to investing and retirement decisions.

Practical Influence for Empowering Decisions

In Behavioral Economics: When Psychology and Economics Collide, you’ll get a far deeper understanding of how you make decisions and how you may improve them. Professor Huettel uses engaging anecdotes, analogies, and case studies to demonstrate each idea, linking the content directly to the decisions we all make as a key part of living. This one-of-a-kind investigation provides you with valuable facts and insights into one of life’s most critical abilities.

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