Course Overview
Behavioral Economics Insights: We delve into behavioral economics, offering compelling insights into the irrational tendencies that shape human decision-making, challenging the traditional assumptions of rational economic behaviour.
Irrational Predictability: We explores various experiments and real-world examples that illustrate how people consistently deviate from rational choices, showcasing predictable irrationalities that influence everything from economic transactions to personal relationships.
The Cost of Free: A notable concept discussed is the "Cost of Free," where wey examine how our perception of value is skewed when something is perceived as free, often leading to unexpected and irrational decisions with potentially significant consequences.
Emotional Influences: The book highlights the powerful role of emotions in decision-making, demonstrating how our feelings and psychological factors play a significant role in shaping our choices, often in ways that defy conventional economic theories.
Practical Implications: We conclude with practical implications for individuals and policymakers, providing a better understanding of human behavior and offering strategies to navigate the irrationalities, make more informed decisions, and design systems that align better with actual human tendencies.