Behavioral economics class activities

  • How can I make my economics class fun?

    Behavioral economics is the study of judgment and choice.
    According to Harvard Business Review, it “combines insights from psychology, judgment and decision making, and economics to generate a more accurate understanding of human behavior.”.

  • What are the examples of economic Behaviour?

    Physical activity promotion can benefit by intervening on these anchors, but doing so is most effective when it is undertaken for society as a whole.
    Behavioral economics accordingly suggests that physical activity promotion should incorporate attempts at a cultural shift to support individual health-promotion efforts..

  • What do you learn in Behavioural economics?

    Examples of behavioral economics

    Example #1: Playing sports.
    Principle: Hot-Hand Fallacy—the belief that a person who experiences success with a random event has a greater probability of further success in additional attempts. Example #2: Taking an exam. Example #4: Playing slots. Example #5: Taking work supplies..

  • Physical activity promotion can benefit by intervening on these anchors, but doing so is most effective when it is undertaken for society as a whole.
    Behavioral economics accordingly suggests that physical activity promotion should incorporate attempts at a cultural shift to support individual health-promotion efforts.
Behavioral Economics ActivitiesMOVE: Your Cognitive BiasesMOVE: Your Money ValuesPLAY: Dollar Auction GamePLAY: Roll with the MarketPLAY: The 
Free Classroom Activities from the NGPF Curriculum regarding Behavioral Economics. How do cognitive biases affect our decisions about money?

Example #1: Playing Sports

Principle: Hot-Hand Fallacy—the belief that a person who experiences success with a random event has a greater probability of further success in additional attempts. Example: When basketball players are making several shots in a row and feel like they have a “hot hand” and can’t miss. Relation to BE: Human perception and judgment can be clouded by .

Example #3: Grabbing Coffee

Principle: Anchoring—the process of planting a thought in a person’s mind that will later influence this person’s actions. Example: Starbucks differentiated itself from Dunkin’ Donuts through their unique store ambiance and product names. This allowed the company to break the anchor of Dunkin’ prices and charge more. Relation to BE: You can always .

How do I integrate behavioral economics in a first-year economics class?

There are many great ways to incorporate behavioral economics in a first-year under-graduate economics class—i

e

, the course that is typically called “Principles of Economics

” Our preferred approach integrates behavioral economics throughout the course (e

g

, see Acemoglu, Laibson, and List 2015)

Is behavioral economics a fifth column?

Since the publication of “Prospect Theory” in 1979, behavioral economics has become an important and integrated component of mod-ern economic thought

In our view, behavioral ideas are not a fifth column, but rather a key contributor to the arsenal of modern economics

Behavioral economics class activities
Behavioral economics class activities

Book by Thorstein Veblen

The Theory of the Leisure Class: An Economic Study of Institutions (1899), by Thorstein Veblen, is a treatise of economics and sociology, and a critique of conspicuous consumption as a function of social class and of consumerism, which are social activities derived from the social stratification of people and the division of labor; the social institutions of the feudal period that have continued to the modern era.
The Theory of the Leisure Class: An Economic Study of Institutions (

The Theory of the Leisure Class: An Economic Study of Institutions (

Book by Thorstein Veblen

The Theory of the Leisure Class: An Economic Study of Institutions (1899), by Thorstein Veblen, is a treatise of economics and sociology, and a critique of conspicuous consumption as a function of social class and of consumerism, which are social activities derived from the social stratification of people and the division of labor; the social institutions of the feudal period that have continued to the modern era.

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