Behavioral Economics : The Great Courses: Business & Economics

  • by The Great Courses
  • Narrated by Professor Scott Huettel Ph.D. Duke University
  • Series: The Great Courses: Business & Economics
  • 11 hrs and 58 mins
  • Lecture

Publisher's Summary

Behavioral economics is the study of decision making, and of the related themes of valuation, exchange, and interpersonal interactions. Using methods from psychology, sociology, neurology, and economics, behavioral economics sheds light one of the most fundamental activities of human life:the decision process. In 24 insightful lectures, you'll learn how behavioral economists look at decision making and explore a set of key principles that offer deep insight into how we evaluate information and integrate different factors to make decisions. Most important, using real-life illustrations and case studies, each lecture offers practical tools, so that you can understand the patterns of decision making, the purposes they serve, and how to use your knowledge to make better and more satisfying decisions.
In grasping the underlying factors in decision making, you'll explore key topics such as decisions regarding probability, time-related decisions, managing risk, high-stakes medical decisions, and group decision making. Professor Huettel illustrates each concept with meaningful examples, analogies, and case studies, relating the material directly to the decisions all of us make as a central part of living. This unique course gives you essential knowledge and insights for one of life's most important skills.
PLEASE NOTE: When you purchase this title, the accompanying reference material will be available in your Library section along with the audio.


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Customer Reviews

Most Helpful

Quite interesting, but perhaps drawn out too much

This course covers the (relatively modern) field of behavioural economics, which is the study of how psychological and neurological effects impact on decision making. Starting with Prospect Theory, the first major theory of behavioural economics, Prof. Huettel outlines a wealth of experiments that display a huge range of counter intuitive effects that the brain has on decision making.

To get the most out of this course I would suggest people have at least a basic knowledge of classical economics, e.g. the great courses intro to economics, since this gives a much better context for why this field is so important and can have such wide reaching implications.

Many aspects of decision making biases are discussed, for example, how framing a question differently can completely change how we react to it. At each stage the professor suggests ways in which understanding these biases can actually lead you to make better decisions in your life, and I will certainly be using some of the tricks he suggests. For example, paying someone to do something that they used to do for free can undermine their incentive for doing it, e.g. paying for blood donations tends to decrease numbers of donated pints!

Whilst the course was very interesting, and I will be following up with one of the courses on psychology, I think the length is unnecessarily long. Sometimes the points made didn't need nearly as much time as they did, and it felt like a chore to get through a couple of the lectures.

Overall, worth a listen, some very interesting facts and experiments, but only worth it if you are particularly interested, and have some background knowledge already.
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- Chris

Covers some very interesting topics.

Any additional comments?

I think it is fair to say that every lecture in the series contained some interesting elements, though the last few were by far the most interesting in my opinion.
I learned a lot and the course has left me with a lot to think about.

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- Cleon W.

Book Details

  • Release Date: 13-12-2013
  • Publisher: The Great Courses