Psychology of Economics

Catalog description

A component of behavioral economics, the psychology of economics combines insights from psychology and economics and delves into the scientific examination of decision-making. Unlike traditional economic models that view individuals as purely rational actors, this field acknowledges people as emotional and impulsive beings who are shaped by their surroundings and situations. Throughout this course, students will investigate the main drivers behind choices, including probability, risk, reward, and the concept of time. Students will examine various human biases and behavioral tendencies that impact decisions, often without our conscious awareness. By utilizing its distinctive methodology to analyze a wide range of real-life scenarios, this field equips us with effective tools to enhance the decision-making processes.