100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Introduction to Behavioural Economics £3.99   Add to cart

Lecture notes

Introduction to Behavioural Economics

 4 views  0 purchase

This document provides you with an introduction to Behavioural Economics. In addition to that, you will find some key concepts of this discipline such as: Fast and slow systems & WYSIATI and some book recommendations.

Preview 1 out of 3  pages

  • February 16, 2023
  • 3
  • 2021/2022
  • Lecture notes
  • Rigal bruce
  • All classes
All documents for this subject (2)
avatar-seller
mati99
28/09/21

Introduction to Behavioural Economics


Behavioural Economics tries to predict individual and collective
behaviour.

Behavioural Economics is a mix of Psychology and Economics.

Behaviour has micro and macro consequences. It is very difficult to
change it and it is at the heart of personal and business decisions.

Behavioural sciences combine: Behavioural Science, Biology, Computer
Science, Consumer Behaviour, Economics, Marketing, Mathematics,
Neuroscience, Philosophy, Psychology, Sociology and Statistics. In class,
we also added: Geography, Chemistry and Anthropology (the study of
people and their cultures).


The time value of money = Money available at the present time is worth
more than the identical sum in the future due to its earning capacity. E.g.
A pound today is worth more than a pound tomorrow.


Key ideas in Behavioural Economics:

• Rationality — Econs (fast) VS humans (slow)
• WYSIATI (what you see is all there is) and biases in information use
• Intuition and expertise

WYSIATI is the acronym for “what you see is all there is”, a cognitive bias
described by Daniel Kahneman in his book “Thinking, fast and slow”.
WYSIATI refers to the fact that we normally make our judgements and
impressions according to the information we have available. In general,
we do not spend too much time thinking: “Well, there are still many
things I do not know”. Simply, we assert what we do know. (Sáez,
Francisco — FacileThings)

Example: Egocentric attribution bias — In groups, individual members
tend to overstate their personal contribution to collective projects. How
does WYSIATI explain this? —> You have direct experience of what you
did but not what others did. And, as far as you are concerned, what you
see is all there is.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller mati99. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for £3.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

72042 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now

Start selling
£3.99
  • (0)
  Add to cart