TREK 116: Predictably Irrational
Term: JUL - 202240
Instructor: Chakraborty, P
Format: Online
Days and Times: M T W R 0900 - 1310
Description: Did you know that a person is more likely to take pencils or a stapler home from work than the equivalent amount of money in cash?
People rationalize their behavior by framing it as doing something (in this case, taking) rather than stealing. The willingness to cheat increases as people gain psychological distance from their actions. These behavioral economics principles have major consequences on how we live our lives.
This course introduces students to a growing field of economics called behavioral economics, which uses insights from psychology, political science, anthropology, management and experimental data to improve upon traditional economic models of behavior. Standard economic theory assumes that individuals are fully rational decision-makers; however, that is often not the case in the real world. Behavioral economics considers the ways that people are more social, more impulsive, less adept at using information, and more susceptible to biases than the standard economic models assume. This course gives an overview of key insights from behavioral science and identifies ways in which these findings have been used to advance policies on diversity, education, health, energy, taxation, and more.
