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Behavioral Economics: Shaping Modern Policies

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About Course

Wondering how government frames policies? How the world runs on incentives? How to motivate people to do something? – This course is for you!

 

It explores the role of behavioral economics in shaping modern policies across various industries. By examining cognitive biases and heuristics, students will understand the psychological underpinnings of decision-making and their implications for policy design. The course provides insights into how behavioral economics influences policy-making in fields such as healthcare, agriculture, automobiles, corporate governance, education, environmental sustainability, finance, textiles, and law.

 

What are you waiting for? Learn the policy and lead the way!

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What Will You Learn?

  • The Psychology of Choices: Understand how cognitive biases and heuristics influence individual decision-making and the broader implications for policy-making.
  • Policy Insights Across Industries such as with additional one case study each:
  • 1. Healthcare
  • 2. Textile
  • 3. Corporate
  • 4. Automobile
  • 5. Legal
  • 6. Education
  • 7. Environmental Sustainability
  • 8. Legal
  • 9. Finance
  • In depth exploration of Behavioral Economics concepts and policies

Course Content

Cognitive Biases and Heuristics
This module delves into cognitive biases and heuristics, highlighting their roles in decision-making. Cognitive biases are systematic deviations from rationality, leading to suboptimal decisions. Common biases include anchoring, where initial information influences decisions; the availability heuristic, where recent or emotional events distort risk perception; and confirmation bias, where individuals favor information that confirms their existing beliefs.

  • The Psychology of Choices
    00:00

Policy Insights Across Industries
Policymakers use economic concepts like rational consumer behavior, nudges, incentives, opportunity cost, and scarcity to design effective regulations. Behavioral economics helps understand human decision-making, allowing governments to create policies that align with actual behaviors. This leads to better outcomes, such as promoting healthier lifestyles and encouraging saving through incentives. Examples include using default options to increase organ donation and offering rewards in schools for good behavior. Understanding these concepts aids in making smarter choices and improving societal well-being.

At Futuronomics, we offer cutting-edge courses designed to equip you with the knowledge and skills needed for the future economy.

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