This course provides an introduction to the basic principles of conventional economics focusing on purely rational decision making and contrasted with the more realistic behavioral economic model based on scientific studies of actual outcomes. The topics in the course include the structure of the brain, loss-avoidance, emotions, experiences, social norms, framing, endowment effect, fairness, ethics, morals, trust, satisficing, status, herding, and anchors. Other areas of focus include analysis of animal spirits, irrational exuberance, why smart people make investment mistakes, and blurring social and financial arrangements. Topics like the value of nudging people to make superior decisions, charitable donations, and happiness (money isn't everything) are also analyzed.
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