Behavioral Economics When Psychology and Economics Collide

by Scott A. Huettel

11 hrs and 58 mins

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.

Disclaimer: Please note that this recording may include references to supplemental texts or print references that are not essential to the program and not supplied with your purchase.

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

Genres: Economics, Nonfiction, Psychology, Audiobook, Science, Business, Philosophy

12 pages, Audio CD

First published December 13, 2013

Reviews

[Amirography · Rating 4 out of 5]

A rather good introductory course on the study of behavioral economics. It covers the most important aspects of this field, covering techniques, challenges, findings and ethical matters that is usually studied by a B.E. student.
I would not say it was a wonderful course. But it was how a good one should be.

[Kayson Fakhar · Rating 4 out of 5]

A sufficient introduction to behavioral economics and its concepts. As someone who just wanted to scratch the surface, i feel satisfied

[Nina Hamza]

listening to the audiobook and have found the topics interesting so far. Good case studies although could do with more detail

[Yaaresse]

DNF @ 15%

It's not often I hate on a GC, but I could barely keep my eyes open listening to this one. There is a lot of overlap with more recent GCs that are more interesting.

[Muneel Zaidi · Rating 4 out of 5]

Pretty great overview of behavioral economics; good for beginners to the subject, and a good refresher for those who have studied this subject before. The author usually starts off the chapters with a vignette of a behavioral economics situation. He then explores the topic in depth, and uses examples to illustrate points. He ends with recommendations, which are the most useful part of the lecture. Narration of the audio book of lower quality than average, but tolerable. Great for learning the subject and deciding where to go next (neuroscience, game theory, social experiments, physiology, etc..).

[Donald · Rating 4 out of 5]

For anyone not familiar with this field, these lectures are a great introduction. You'll be staggered when you begin to realize how easily human perceptions and judgement (yes, even yours) are manipulated by those trying to get you to do something. Easy to follow, fun to listen to, and well organized, I found these thoroughly enjoyable.

[Mahesh Karthik · Rating 3 out of 5]

It provides a brief overview of behavioral economics. Good for a beginner in the fields of psychology and economics to understand how these two fields have come to be interlinked over the recent years, as more and more research point our choices and decisions towards our emotions and not rationality. It gives interesting titbits about how our economic decisions are very well intertwined in the way our minds have developed. I have given it 3 stars because I felt that the author did not connect each chapter in a cohesive manner, it felt stochastic in nature at several instances. I would like to dig deeper into this subject with other books in the future to understand it better than I have right now. Perhaps I may return to it later and understand it clearer as well.

[Benas Aukstikalnis · Rating 5 out of 5]

Truly fantastic book (or a course?). I have read many books about psychology, so more than half of the things mentioned in the book I already knew. Despite this, I can say that this book is truly fantastic.

The information is displayed in such a straightforward manner, well structured, and with a nice blend of entertaining and educational. Some well-known theories are explained with new studies and examples so even if you knew about them, it is still interesting and you can learn something new.

I recommend it to anyone that likes psychology/behavioral economics or even to those that never tried to get into those topics yet but would be willing to give it a shot.

5/5

[Jarrett Robertson · Rating 5 out of 5]

LOADED with information, WOW! So much to learn about every aspect when it comes to behavioral economics. As a CFP, this is unbelievably interesting. Financial services professionals are taught everything and anything there is to know about the world of finances but they are taught little to nothing on human beings and behavior. I believe it's extremely important for me to understand people if I am going to help them pursue a career as an advisor and/or be a trusted resource for my clients, friends & family when it comes to their overall financial well-being

[Jill · Rating 4 out of 5]

Lots of really interesting and useful information that is presented in a really conversational way. I would have liked a few new examples of data. When I read this genre, it's a given that I'll get the same famous studies cited: the children and the marshmallows, the Israeli daycare, etc. How about any other research that validates the same conclusions? Nevertheless, this is really good and quite comprehensive. I learned a lot of new stuff and have already forgotten more than I learned, so I could start all over again today and still learn a lot of things.

[Haoyan Do · Rating 4 out of 5]

I listened to this book about half a year ago, but only finished half of it. Now I resume the listening. The problem is I've already forgotten the first half. Still the middle chapters are very interesting. I played online poker every day before I go to bed, and I often want to find out patterns about the cards I get--what hour offers better cards etc. There's no pattern there, but still my mind just instinctively want to have a pattern. Probably this is what Camus said about the absurdity of human life that we have this absurd urge to seek consistencies in life. Also in Chapter 14, it points out our weakness to believe in evidence, whatever quality it is. Is this the cause of the rampant rumors? Whenever there's a rumor, no matter how farfetched, people tend to take it into consideration more seriously than they should. Is this the innate flaw of the human information process?

I am glad the author gives examples, more than other books of the "Great Course" series. However I want to say please give even more examples.

[Sergio L Tavares Filho · Rating 3 out of 5]

It's a good foundation, easy to follow and covering a lot of the basics. But if you are looking for applied behavioral economics for business, web analysis and testing, skip to lecture 15. It's worth listening to it more than once.

[David · Rating 5 out of 5]

Another great set of lectures from Great Courses. A lot of good discussion on both the economic theory and psychology of decision making (not just economic decisions). Will need to listen again soon to get these concepts to stick in my mind.

[Emily · Rating 3 out of 5]

I have now listened to several Great Courses series on behavioral economics so unfortunately much of the information in this course was repetitive. It still had a few nuggets and I think those not already familiar with Behavioral Economics would get a lot out of it.

[Yatir Linden · Rating 5 out of 5]

Although many of the ideas weren't new, I think the course offers a review on a wide range of topics in behavioral economics.
If you've read other behavioral economics books in the past, I'd suggest to skip this one.

[Amazingsomeone · Rating 5 out of 5]

Covers a lot of ground. Better than reading endless number of articles or other books on this topic.

[Melissa Angeles · Rating 3 out of 5]

Not as interesting as I hoped

[o n o · Rating 3 out of 5]

I guess it must be bc I studied thus at uni as well, but the info felt a little outdated

[JanaT · Rating 4 out of 5]

Enjoyed the roundup. Need to reread, though.

[Kevin · Rating 4 out of 5]

Decent overview of the field.

[David Wagner · Rating 3 out of 5]

Solidní, nijak překvapivý kurz shrnující základní věci. Co zastaralo je chválení "nudgingu", tam už je to dneska výrazně složitější, jinak naprosto funkční.

[Lynette Ackman · Rating 5 out of 5]

I find this subject matter fascinating when presented in a way that is engaging… this book hits that mark perfectly.

[Outdoors Nerd · Rating 5 out of 5]

24 insightful lectures, each covering a specific area of decision making, culminating in a deep appreciation of our decision making flaws. From bounded rationality to probability, from buying jam to global economics...this is fascinating.

[David · Rating 3 out of 5]

This a standard basic introduction to behavioral economics through a series of 24 lectures. The lectures are not very dynamic, they’re just notes read by the instructor. Still, it’s good information.

One lecture item that was timely with regard to current events during my listening of this material was the discussion of reciprocal altruism. This topic was broached about the time that rioting and looting across the US was occurring in response to Ferguson, Missouri events. Many of my constituents were surprised and dismayed (and contemptuous) that the rioters were destroying their own communities, seemingly hurting only themselves or their neighbors. Reciprocal altruism may offer some explanation. It is a behavior whereby an organism acts in a manner that temporarily reduces its fitness, with the expectation that the other organism will act in a similar manner at a later time. When responders, for example, are given an unfair offer, they get angry and want to retaliate against the proposer. They are willing to sacrifice their own benefit if it teaches the proposer a lesson. Importantly, the subject can’t just turn off that emotion, even if they want to. Theoretically anyway, the willingness to sacrifice one’s own potential benefit by behaving in a manner that is seemingly irrational and against one’s own self-interest to provide (or is hoped to provide) the credible threat needed to discourage unfair offers. It can also result in destructive behaviors and practices such as vengeance and punitive extremes. And rioting and looting. All very predictable, and in its own way, rational and logical.

[Robert · Rating 4 out of 5]

I am a curious onlooker of the subject. And I turned out to be the perfect audience for this audiobook (I heard rather than read this book, to be sure) this is actually a book on better decision making. Showing our natural biases in different choice settings. Those biases are being exploited, as we speak, by marketers, the media, politicians, political campaigners, etc.
Many of the concepts presented in the book are rather traditional wisdom and nothing new, but are confirmed by systematic studies, neuroscience and contemporary theory of emotional intelligence. I took a lot off this book. The reading style of the lecturer Is personable, friendly and amenable.

[L · Rating 3 out of 5]

Content was great, but the pacing and style of narration was hard to listen to and stay interested. I might have enjoyed this particular course better in a written format. Could only make it 60% through.

[Matt · Rating 2 out of 5]

Nothing new here.

[Linda · Rating 4 out of 5]

Solid introduction to a rather new topic that's important today (and will be increasingly recognized as highly important in the future).

[Bill Glover · Rating 3 out of 5]

Interesting but not memorable. The Art of Critical Decision Making was much better at outlining cognitive biases as well as effects of group dynamics.

[Ratheesh · Rating 1 out of 5]

Expected this to be an interesting topic but the experience was otherwise.