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.
©2014 The Great Courses (P)2014 The Teaching Company, LLC
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.
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.
Very interesting but a bit monotonous tone of voice, particularly because of the length of the reading that makes it heavy to assimilate after some time of listening. Otherwise very good and educational.
"Stating the Obvious"
This course lists a lot of behavioral ideas we know but don't know we know, in excellent examples and words. Stimulating.
"Clear and effective"
Great course! Clear, well structured, most useful.
The best way to teach is to stimulate the other own thought!
Glad I got this book. Only regret that it wasn't earlier...
Thanks Professor Huettel!
"Love the topic"
Would for sure- the topic is very interesting to me (intersection of economics and psychology).
It'd be tough
Its a good lecture- give it a go if you have any interest in the topic
"Great to understand how we make decisions "
This is a great exploration of how we make decisions, understand value and how to use those same concepts to make better decisions.
"brilliant, perhaps, but definitely boring"
I loved the concepts and empirical work. I simply couldn't listen for more than about 15-20 minutes. Since I was driving I couldn't risk falling asleep.
The number of times he was able to illustrate that pop psychological notions about human behavior often couldn't be farther from the facts of the matter.
His voice is essentially monotone, but he has a bit too much of self-importance (perhaps?). the fake clapping at the end of a chapter was over the top (and led me to the sense of his excessive self-importance--really, who needs fake clapping in a studio recording???).
Yes, question assumtions about motives and motivations.
The narrators voice was pleasant to listen to and I loved the content. Easy to follow and informative.
"Great introductory primer to behavioral economics"
Very approachable. Concept rich text broken up into topical lectures. Left off on the topic of "nudge" and will be the follow on book that I download: Nudge.
"The Unknown Unknowns"
Merriam-Webster defines economics as "a social science concerned chiefly with description and analysis of the production, distribution, and consumption of goods and services." Theories and concepts are dense and often mystifyingly complex - see, for example, Thomas Piketty "Capital in the 21st Century" (2013).
Sometimes economics don't make monetary sense - and that's where Behavioral Economics comes in. Scott Huettel, PhD's "The Great Courses: Behavioral Economics: When Psychology and Economics Collide" (2013) is a series of 24 lectures, about half an hour each, on that fascinating subject. Huettel explains why money really isn't everything, especially when what seems 'rational' about spending doesn't override people's social behaviors. For example, it might be more important to punish a cheater or thief even if it costs the person meting out the punishment more money and time than it would have to walk away - see Lecture 2. As a litigator, I see this in action all the time - and benefit from it, quite frankly - but until I listened to Huettel's lectures, I wasn't sure why it was happening.
Because of Lecture 15, "The Value of Experience" I discovered why something I've thought for a long time was true: it's not the things that you buy but the things that you do that make a difference. A week ago, I was in Florida, traveling with a group and not quite on vacation. The airboats and alligators of "Wild Florida" were close, and, armed with the knowledge that we were going to remember the experience forever - and the psychology of why - I happily talked the group into going. I realized that the class helped me feel more confident about my own economic decisions.
Huettel's course is great listen for fans of Dan Ariely's "Predictably Irrational: The Hidden Forces That Shape Our Decisions" (2008).
The title of the review is from one of the lectures. It turns out that "known unknowns" and "unknown unknowns" make sense in Behavioral Economics, even if they don't for Donald Rumsfeld.
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"Fundamental Errors Taint Overall Good Observations"
Professor Huettel is comitting the fundemental error of using the label 'money' as a motivator. Of course money is always just a placeholder for what the recipient thinks he might be able to spend this money own or even give it away - hence the underlying motivation could be greed but could also be altruism - i.e. when the recipient passes on the money to another party without expecting a return (charity). So, referring to money for motivation is actually not saying anything at all.
No true insights.
Not sure .. maybe Steven Levitt.
Professor Huettel should listen to Steven Novella's 'Your Deceptive Mind'.
"Good and bad"
Low production value and subpar voice-over balanced out by excellent writing and very interesting copy.
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