The Behavioural Economics and Decision-Making Course aims to give participants a thorough grasp of how psychological, cognitive, emotional, cultural, and social aspects influence economic and commercial decisions. The Oxford Training Centre organises this program, which goes into the key principles of decision science, choice architecture, and behavioural insights to provide professionals with the tools they need to make better strategic decisions.
During the Behavioral Economics and Decision-Making Course, participants will learn about cognitive biases, nudge theory, heuristics, and risk perception through a combination of theoretical concepts and practical applications, enhancing their ability to predict and influence consumer behaviour. Whether you’re a corporate leader, policymaker, or marketing expert, this course will help you understand human decision-making and improve your strategic planning and execution.
Objectives and Target Group
Objectives
By the end of the Behavioral Economics and Decision-Making Course, participants will be able to:
At the completion of this course, participants will be able to:
- tap into the root principles of behavioral economics and use them across a variety of industries.
- analyse the impact of cognitive biases and heuristics on decision-making and consumer behavior.
- evaluate prospect theory and how individuals make judgments about risk and uncertainty.
- implement choice architecture principles to influence consumer and business decision-making effectively.
- employ nudge theory to affect behavior in a way that is both ethical and strategic.
- Uncover the role of risk perception in shaping money, investment, and purchasing decisions.
- Use behavioral knowledge to optimize marketing strategies, policy designs, and business models.
- Develop successful strategies to improve individual and organizational decision-making processes.
Target Group
The Behavioral Economics and Decision-Making Course is ideal for professionals from various sectors who want to enhance their understanding of decision science and its impact on business and policy-making. It is particularly beneficial for:
- Business executives and managers looking to optimize strategic decisions and improve leadership effectiveness.
- Marketing and sales professionals aiming to understand and influence consumer behavior through behavioral insights.
- Economists and financial analysts interested in applying prospect theory and risk perception to investment and financial decision-making.
- Public policymakers and government officials working on regulatory frameworks and behavioral-based public policies.
- Human resource professionals seeking to improve employee engagement, motivation, and decision-making in the workplace.
- Entrepreneurs and startup founders who want to leverage behavioral insights to enhance product development and user experience.
- Researchers and academics in economics, psychology, and business disciplines who want to deepen their knowledge of behavioral sciences.
Course Content
The Behavioral Economics and Decision-Making Course provides a comprehensive understanding of behavioral science and its practical applications across various sectors. Participants will explore key theories, biases, and decision-making strategies to improve outcomes in business, finance, marketing, and public policy.
- Introduction to Behavioral Economics
- Definition and scope of behavioral economics
- Differences between classical and behavioral economics
- Key experiments and case studies in behavioral economics
- Cognitive Biases and Heuristics
- Common decision-making biases (confirmation bias, anchoring, overconfidence, etc.)
- How heuristics affect daily choices and work decisions
- Strategies to minimize bias in decision-making
- Prospect Theory and Perceived Risk
- How people estimate gains and losses
- The impact of loss aversion on financial and personal decisions
- Applications of prospect theory in finance, marketing, and policy
- Nudge Theory and Choice Architecture
- The science of improving decision-making
- Practical applications in public policy and business
- Ethical considerations in nudging consumers and employees
- Behavioral Insights in Marketing and Consumer Behavior
- How consumers make purchasing decisions
- Psychological pricing and the impact of framing on sales
- The role of social proof and scarcity in consumer choices
- Behavioral Decision-Making in Business and Finance
- How behavioral biases affect corporate strategies and investments
- Enhancing decision-making in teams and organizations
- Behavioral economics in financial planning and wealth management
- Advanced Applications of Behavioral Economics
- Behavioral insights in health and wellness programs
- Decision-making in environmental sustainability
- The future of behavioral economics in AI and technology