Class 6 - Introduction to BDM
5 important questions on Class 6 - Introduction to BDM
What is behavioral decision-making
- Based on insights from behavioral economics research and related disciplines like behavioral ethics, behavioral law
Herbert Simon coined the term 'bounded rationality' to describe the decision-making of humans
Thaler argued that economic policy-making should target humans, not econs, and that this is possible because human 'irrationalities' are not random, but predictable
Behavioral Insights Team BIT
- BIT improves policies and public services by using behavioral science
- Higher grades + faster learning
- Never study anything twice
- 100% sure, 100% understanding
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Loss aversion: endowment effect
Upside & downside cognitive dissonance
- Origami valuation
people who built the origami themselves value this much more
- Student baptism
the cons of being baptized are outweighed by the sense of belonging and group coherence of a shared experience the participant is left with
Downside
-Sunk costs
people are afraid to cut their losses and gain nothing at all as opposed to continuing against their better sense of judgement to attain a reward
The question on the page originate from the summary of the following study material:
- A unique study and practice tool
- Never study anything twice again
- Get the grades you hope for
- 100% sure, 100% understanding
