BEHAVIORAL ECONOMICS
Nudging to Shape Decisions
BEHAVIORAL ECONOMICS
Nudging to Shape Decisions
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START DATE
May 16, 2023
FORMAT
100% online, with live-online sessions
DURATION
8 weeks, 3–5 hrs/week
LANGUAGES
English, Portuguese, and Spanish
INVESTMENT
$2,800
START DATE
May 16, 2023
FORMAT
100% online, with live-online sessions
DURATION
8 weeks, 3–5 hrs/week
LANGUAGES
English, Portuguese and Spanish
INVESTMENT
$2,800
Unlock the value of understanding the human dynamics
of choice and decision-making.
Over eight weeks, you will explore the role biases, fallacies, and heuristics play in decision-making. Upon completing the program, you will be equipped with conceptual frameworks and actionable tactics for applying insights from behavioral economics to improve outcomes.
What percentage of the decisions people make are based on emotion?
90%
What percentage of purchasing decisions are subconscious?
95%
What percentage of business leaders can capitalize on their understanding of behavioral economics?
100%
Whatever your industry, drive better results and create long-lasting value.
Distinctive Online Learning Features
Flexible
We know that you are a busy professional. Our online learning method adapts to your schedule, commitments, and needs.
User-friendly
Navigate program content with ease using a simple interface that offers a seamless learning experience.
Guided
Your learning facilitator will provide assistance and support throughout program activities.
Your Chicago Booth Professor
Devin G. Pope
Economics/Robert King Steel Faculty Fellow
Imagine everything you can learn from a professor on the faculty whose members include a winner of the Nobel Prize in Economic Sciences. An eminent behavioral economist, Devin Pope is devoted to knowledge and research at the intersection of economics and psychology.
Prior to joining the Chicago Booth faculty in 2010, Pope was on the faculty at the Wharton School of the University of Pennsylvania. He earned a PhD in economics from UC Berkeley in 2007 and a BA in economics from Brigham Young University in 2002.
Using primarily observational data, Pope studies how psychological biases play out in field settings and economic markets. He has published work in prestigious journals such as the American Economic Review, the Quarterly Journal of Economics, the Journal of Political Economy, and the Review of Economic Studies. His work has also been featured in publications devoted to psychology and multidisciplinary matters, including Management Science and Psychological Science. Pope also worked as an Amazon Scholar from 2019 to 2021.
Live-Online Learning with Measurable Impact
At Chicago Booth, we understand the need for high-impact online learning to address the skills gap and build capabilities. In addition to self-paced content, our programs incorporate knowledge checks, interactive discussion boards, and personalized feedback from expert mentors. You’ll also attend live sessions with faculty to bring content to life. These touchstones ensure the highest level of learning and your return on investment.
97 percent of our live-online program participants recommend our programs to colleagues, friends, and those who seek to expand their skills.
FACULTY-LED, LIVE-ONLINE SESSION SCHEDULE
This program features three live-online sessions—a unique opportunity to put theory into practice immediately to amplify your learning and see results. These required sessions not only offer an opportunity to reflect and receive real-time feedback with faculty and peers, but also integrate interactive content that can only be taught in a live environment. Participants are expected to attend at least two of the three live sessions to maximize their growth. If a participant is unable to attend a session, an extra asynchronous assignment must be submitted to complete the program.
Behavioral Economics: Nudging to Shape Decisions—Live Sessions
Live sessions will take place from 9 a.m. to 10:30 a.m. (CST) on May 30, and June 14, 27, 2023
Live Session 1: Faculty webinar — Professor Devin Pope
Live Session 2: Guest Speaker Scott Young — Applying
Behavioral Science in the Private Sector
Live Session 3: Faculty webinar — Professor Devin Pope
You’ll also learn from guest speaker Scott Young. He’ll share his specialized expertise in behavioral science and consumer insight, which he has applied in the private sector (financial services, FMCG, pharma, and transportation) to support customer- and employee-focused behavior change initiatives.
Learning Targets
Learn how to design products and services that create more value for customers.
Explore hidden biases and heuristics that either reinforce or counteract outcomes.
Discover the tools to optimize your value proposition for greater influence and impact.
Discover how “choice architecture” may optimize decisions to benefit economic, regulatory, and policy-creation strategies.
Gain the frameworks to draw actionable insights from data intelligence to improve customer experience and engagement.
Discover the emotional and cognitive underpinnings of economic behavior changes and how professionals make decisions.
Increase management decision outcomes that result in improved enterprise-wide efficiencies and processes.
Program Content
A History of Behavioral Economics and Prospect Theory
- Analyze the evolution from classical economics (e.g., Adam Smith) to modern-day neoclassical economics and how behavioral economics started to flourish in this paradigm.
- Understand the revolutionary turning point for the three fathers of behavioral economics at the end of the 1970s to explain how psychology became part of the economic model of decision-making.
- Dissect what systematic bias is and learn about the most cited and groundbreaking behavioral economics theory: prospect theory.
- Explore examples of how prospect theory matters both in our personal lives and when running a business.
Sophisticated Choices and Self-Control
- Explain the influence of intertemporal components in the choices we make and realize how they can lead to non-standard behavior (such as obesity, addiction, and credit card overuse and dependence).
- Formulate mathematical models that explain phenomena like procrastination and overindulgence.
- Visualize examples of how self-control problems can lead to poor decision-making—As soon as you turn eighteen you are much more likely to be tried as an adult, and yet we do not see people stop committing crimes as soon as they turn eighteen. Why is this?
- Learn how to apply this knowledge in a way that modifies behavior and improves the health of your business or people around you.
Fairness
- Compare the dichotomy between the standard rational economics assumption that humans are self-interested and the behavioral economics propositions explaining how and why humans are altruistic and care about giving to others.
- Articulate why thinking in financial terms and incentives might not always be a wise idea and understand why fairness matters in economic marketplaces and how it is compatible with running a business.
- Analyze why and when it is socially acceptable to charge fees or surcharges and, more generally, to balance supply and demand using standard economic pricing mechanisms.
- Learn the importance of social norms and pressure, reciprocity, and distributive vs. procedural justice.
The Psychology of Incentives
- Discover through a Qualtrics-based exercise in experimentation and prediction what kind of motivational treatments work best in the short run to make someone execute a given task.
- Realize that behavioral economics is just getting started when it comes to understanding motivation—What other approaches motivate people to make decisions?
- Think about how to create a company culture that is built on solid psychological principles.
Biased Beliefs
- Recognize how information interventions over biased beliefs can modify mind-sets and be potential sources of change and development of new standards in decision-making.
- Learn how nearly everyone exhibits common biases such as projection bias and the bias of the winner’s curse.
- Identify some of the most important biases, including survivorship bias and overconfidence, and learn how they influence business decision-making.
Inattention (Salience)
- Discover how our attention is limited and why this leads us to make significant decision errors when our attention is drawn to some things but not others.
- See how something as simple as failing to pay attention to certain digits of a number can dramatically change how certain economic markets function.
- Learn how inattention works in a competitive market and how to grapple with the ethics of competing for consumer attention.
Discrimination
- Measure and identify the sensitive topic of discrimination through five distinctive methods: audit studies, all-else-equal studies, own-group bias studies, correspondence studies, and eliminating group cues in the decision-making process.
- Learn how standard economics categorizes discrimination into one of two models: statistical discrimination and taste-based discrimination.
- Explore how psychology can deepen our understanding of how discrimination works and how we can combat it.
Nudging
- Become familiar with basic principles of good choice architecture and the way we can influence people’s behavior by nudging them into a good direction.
- Discuss several examples of nudging such as putting numbers into context and smart engineering/design.
- Detect examples of nudges and sludge (bad psychology; the exact opposite of nudging) in the real world and apply your insight to your business or career.
Credentials
By completing this program, you’ll…
- Become a member of the Chicago Booth Executive Education network, which represents nearly 60,000 executives across 130 countries.
- Receive a certificate of completion, as well as a digital badge that serves as an online credential to be shared among your social networks. You’ll also have the opportunity to join our private LinkedIn groups to grow your professional networks.
- You’ll have learned from world-class faculty within a university associated with 92 Nobel laureates.
Upon completion of the program, you’ll receive a Certificate of Completion from Chicago Booth Executive Education.
You’ll also receive a digital badge that serves as a certified online credential of your accomplishment.
This program is an excellent fit for:
- Marketing professionals who want to gain a deeper understanding of their target audiences.
- Sales staff looking for new ways to turn objections into sales opportunities.
- Finance advisors who want to help their clients make better decisions.
- Public sector agents who would like to create efficient policies that connect people.
- Those who work in Human Resources that need to identify better incentives for their organizations’ teams.
- Management experts seeking more effective ways to manage the risks associated with their projects.
What our participants have to say:
Would you like to learn more?
We have advised professionals, worldwide, for years.
Schedule a call with us and we’ll tell you all about how Behavioral Economics: Nudging to Shape Decisions can boost your career.
There are a limited number of spots available.
Reserve yours today. Are you already determined to inquire, impact, and inspire?
Programs in partnership with Global Alumni
Call us: +1 872 298 4130 | Email us: execedon@chicagobooth.edu
