The objective of this course is to provide the participants with the essential behavioral economic knowledge and skills that are relevant for business success. By the end of this course, the participants will be able to:

Identify and explain the key concepts and principles of behavioral economics, such as bounded rationality, prospect theory, framing, nudging, etc.
Apply the behavioral economic way of thinking to analyze the behavior and decisions of consumers, producers, managers, investors, etc.
Understand the different types of behavioral economic experiments, such as laboratory experiments, field experiments, natural experiments, etc., and their advantages and disadvantages
Recognize the role and impact of behavioral economics on business strategy, marketing, finance, human resources, etc.
Evaluate the benefits and costs of various behavioral economic interventions, such as incentives, defaults, feedback, social norms, etc., for business

This course is designed for professionals who want to learn or refresh their knowledge of behavioral economics and its relevance to business. It is suitable for anyone who works in or interacts with the business sector, such as managers, entrepreneurs, consultants, analysts, marketers, accountants, lawyers, etc.

Taking this course will help the participants to:

Develop a solid foundation and understanding of behavioral economics and its importance for business
Enhance their critical thinking and problem-solving skills
Improve their decision-making and strategic planning abilities
Increase their awareness and appreciation of the psychological factors that affect business outcomes
Develop their confidence and competence in applying behavioral economic concepts and tools to real-world business situations

Day One:

Introduction to Behavioral Economics and Bounded Rationality

What is behavioral economics and why is it important for business?
The behavioral economic problem: rationality vs irrationality
The behavioral economic way of thinking: psychology vs economics
The concept of bounded rationality: definition, sources, and consequences
The examples of bounded rationality: cognitive limitations, emotional influences, social pressures, etc.
Day Two:

Behavioral Economic Theories: How They Explain Human Behavior and Judgment

What are behavioral economic theories and how do they explain human behavior and judgment?
The types of behavioral economic theories: descriptive vs normative vs prescriptive
The examples of descriptive theories: prospect theory, mental accounting, regret theory, etc.
The examples of normative theories: expected utility theory, discounted utility theory, revealed preference theory, etc.
The examples of prescriptive theories: libertarian paternalism, choice architecture, nudge theory, etc.
Day Three:

Behavioral Economic Experiments: How They Test Human Behavior and Judgment

What are behavioral economic experiments and how do they test human behavior and judgment?
The concept of behavioral economic experiments: definition, objectives, and features
The types of behavioral economic experiments: laboratory experiments vs field experiments vs natural experiments
The advantages and disadvantages of different types of experiments: validity vs reliability vs generalizability vs ethics
The design and evaluation of behavioral economic experiments: hypothesis testing, randomization, control group, treatment group, etc.
Day Four:

Behavioral Economics and Business Functions: How They Affect Business Strategy, Marketing, Finance, Human Resources, etc.

How does behavioral economics affect different business functions?
The concept of business functions: definition, objectives, and features
The examples of business functions: strategy, marketing, finance, human resources, etc.
The role and impact of behavioral economics on different business functions: opportunities vs challenges vs solutions
The application of behavioral economics to different business functions: case studies, best practices, lessons learned, etc.
Day Five:

Behavioral Economic Interventions: How They Improve Business Outcomes

What are behavioral economic interventions and how do they improve business outcomes?
The concept of behavioral economic interventions: definition, objectives, and features
The types of behavioral economic interventions: incentives vs defaults vs feedback vs social norms vs commitment devices vs etc.
The benefits and costs of different types of interventions: effectiveness vs efficiency vs equity vs ethics
The evaluation of behavioral economic interventions: performance measurement, cost-benefit analysis, impact assessment, etc.

To enhance learning and practical application of concepts, the training course will use a combination of interactive lectures, case studies, group discussions, practical exercises, and real-world examples. Participants will also get the chance to collaborate on group projects and create action plans adapted to the needs of their respective organizations.