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Behavioral Economics cover art

Behavioral Economics

By: Scott Huettel,The Great Courses
Narrated by: Scott Huettel
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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.

©2014 The Great Courses (P)2014 The Teaching Company, LLC

What listeners say about Behavioral Economics

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    3 out of 5 stars
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    4 out of 5 stars

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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6 people found this helpful

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    5 out of 5 stars

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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4 people found this helpful

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  • CK
  • 23-03-16

Good but could have been better

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.

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2 people found this helpful

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    1 out of 5 stars

Not my favourite

I have purchaed a number of courses both from Audible and directly through Great courses mostly I have really enjoyed them and found them instructive. However this one is a bit simplistic. It may be useful for someone with any prior knowledgeof Economics or psychology.

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1 person found this helpful

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    5 out of 5 stars

Eye opening

Performance and content was clear to follow. An excellent intro to behavioural economics and to how people think in general. Certai nly aids decision making in the future

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    2 out of 5 stars
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    2 out of 5 stars

Limited value

I did give it the benefit of the doubt but gave up after a lot of waffle failed to make a point. Some ideas seem stolen from the book “ thinking fast and slow”. Copyright infringement?

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  • Overall
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    5 out of 5 stars

Great entry in the behavioral economics world

Absolutely impressed by the quality of the lectures. Definitely listen with your notebook close, as there are informations you will want to want to remain with forever. Loved the references to the studies made.

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  • Overall
    4 out of 5 stars
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    4 out of 5 stars

A bit of a Trudge

If you have never studied Behavioural Economics or read Daniel Kahneman's brilliant "Thinking Fast and Slow", go there first. This is a series of recorded academic lectures on the subject and it feels like it. The lectures are pretty good but as a lecturer myself, I wouldn't package mine up as an audio book, because the medium needs more life and narrative flow to hold the attention. This book is worth it if you are into academic lectures, but if you want the good stuff, go to the sources who won the Nobel Prizes - they are all surprisingly accessible and brilliant.

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  • Overall
    4 out of 5 stars
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    4 out of 5 stars

Good introduction to behavioural economics

A good introduction, easy to understand and follow and relatable with plenty of real life examples

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  • Overall
    4 out of 5 stars
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    3 out of 5 stars
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  • DS
  • 27-02-21

decent but not great

Didn't find the narration that engaging and the content is geenrally interesting but I didn't feel hugely insightful.

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