Certificate in Behavioral Economics Course

Why select this training course?

Behavioural economics is an emerging technique companies utilise to maximise human decisions and processes. The Rcademy Certificate in Behavioural Economics Course is a foundational course designed to provide learners with an understanding of advanced psychology focused on business applications. The course is structured to boost participants’ decision-making and analytical skills alongside the principles of behavioural economics. Focus is also on concepts such as the neuroscience of decision-making, heuristics, biases, risk preferences, consumer motivation, choice architecture, and nudges. Participants will also learn how to develop psychological templates and recognise significant challenges organisations face. The course contents are comprehensive and designed to help attendees understand the concepts and practices of behavioural economics and various applied research techniques for behavioural economics.

What are the behavioural economics themes?

Behavioural economics studies human behaviours and their impacts on traditional economic theory. Behavioural economics joins the study of psychology with the field of economics decision-making processes to enable business owners, policymakers, and marketers to understand why customers and consumers make buying decisions that are not in their best interests. Behavioural economics comprises three major themes, and they include the following:

• Framing
• Market inefficiencies
• Heuristics

What are the applications of behavioural economics?

In most companies, reporting managers, supervisors, and HR professionals utilise behavioural economics to run the company. All organisations and companies are keen on lowering their time and costs to maximise profits. To accomplish this, companies need to evaluate data and perform market research. It is during this that behavioural economics comes into play. There are different areas of application of behavioural economics that organisations can utilise. Some of these areas include:

• Analysing data
• Understanding social norms
• Understanding customer’s decision-making process

The Certificate in Behavioural Economics Course by Rcademy will give participants the knowledge and skills to apply behavioural economics principles to real-world problems and help them develop effective strategies to influence decision-making and drive behaviour change.

Who should attend?

The Certificate in Behavioural Economics Course by Rcademy is designed for various professionals working within the management and corporate industries. The following personnel should undertake the course:

• Policymakers tasked with analysing and researching data on various issues, executing developmental works, and liaising with internal and external stakeholders
• Behavioural scientists are responsible for studying human behaviours to improve good health and discouraging risky behaviours
• HR personnel charged with supervising all aspects of an employment process, training and orienting new staff members
• Chief executive officers are tasked with making significant corporate decisions, supervising the operations and resources of a firm, and serving as the link between the board and corporate functions
• Directors are responsible for supervising a company’s operations, investments, ventures, and financial performances
• Organisational development specialists are charged with evaluating business structure, processes, procedures, and the utilisation of resources
• Researchers are tasked with organising, collecting, and evaluating opinions and data to solve issues, explore issues and predict trends
• Market research analysts are charged with researching, evaluating, and compiling information on market conditions to recognise potential sales opportunities and markets
• Behavioural economics consultants are responsible for designing unique business solutions and plans based on market research and psychology
• Behavioural finance specialists are charged with conducting research, evaluating data, performing field experiments, and making financial recommendations according to their research
• Every other person interested in learning about the practice of behavioural economics

What are the course objectives?

The Certificate in Behavioural Economics Course by Rcademy will provide attendees with in-depth knowledge and skills about behavioural economics. This certificate course will help participants attain the following objectives:

• Understand the science and practice of behavioural economics and its relationship and difference with other theoretical frameworks
• Recognise the various ways behavioural economics is used in helping people solve life problems
• Understand the elements of behavioural economics and the ways it is used to influence peoples’ decision-making processes
• Build competencies in the application of behavioural economics
• Demonstrate and practice the crucial need for behavioural profiling using OCEAN
• Build strategies that can be applied in fast-evolving environments driven by artificial intelligence
• Master and connect the links between personality, performance, and ability
• Learn about behavioural economics concepts such as heuristics, biases, and the neuroscience of decision-making
• Understand consumer motivation and risk preferences

How will this course be presented?

The contents of this course are participant-based and are mainly provided to meet participants’ expectations and enhance their knowledge and skills. Various proven practical approaches and techniques that will ensure constant and active learning by the participants will be used to deliver the course. The course will be taught by professionals who have garnered various experiences and practices. The course modules are curated from in-depth and extensive research on the subject matter.

The Rcademy Certificate in Behavioural Economics Course includes practical and theoretical learning by providing participants with slides on the concept, case studies, lecture notes, and real-life scenarios. Participants can also partake in quizzes, presentations, seminar workshops, and constant feedback on the lessons learned to confirm their optimal satisfaction.

What are the topics covered in this course?

Module 1: Introduction to Behavioural Economics

• Overview and definition of terms
• Choices and decisions
• History of behavioural economics
• Rationality
• Irrationality
• Applications of behavioural economics
• Elements of behavioural economics
• Behavioural finance
• Bounded rationality
• Quantitative behavioural finance

Module 2: Heuristics and Biases

• Decision-making
• Types of heuristics
• Overview of biases
• How biases and heuristics impact decision-making
• Approaches to decision-making
• How heuristics lead to biases
• Uses of heuristics

Module 3: Consumer Motivation

• Defining motivation
• Theories of motivation
• Reward undermining
• Needs and wants
• Motivational conflicts
• Factors affecting behaviour and motivation
• Frustration
• People brand attitude
• Customer satisfaction and brand loyalty

Module 4: The Crucial Roles of Behavioural Economics

• Remote working and profiling to attain maximum performance and job fit
• Worldwide employment trends
• Behavioural economics and links with success and ability
• The economic benefits of remote working for employees
• Personality measurement and the OCEAN profilers
• The economic value of remote working for organisations

Module 5: Social Influences on Decision-Making

• Consumer roles
• Socioeconomic status
• Family dynamics
• Consumer misbehaviour and solutions
• Components of culture
• Reference groups and opinion leaders
• Social Factors and Impacts on Decision-making

Module 6: Neuroscience of Decision-Making

• Somatic marker theory
• Reward and punishment learning
• Cognitive functions and the brain
• The four-function Framework of Emotions in Decision-making
• Neural processes linked to punishment, time, risk, and social interactions

Module 7: Behavioural Economics and the Critical Role of New Leadership

• The conductor approach to senior management leadership
• The shortcomings of traditional management
• Skill rating and development required
• The changes in leadership qualities caused by behavioural economics
• The six vital leadership skills essential to maximise organisation change

Module 8: Risk Preferences

• The psychology of risks
• Formulating risky choices
• Risk preferences
• The psychological and economic theories of risky choices
• Prospect theory
• Loss aversion

Module 9: Nudges and Choice Architecture

• The choice architecture
• Nudges
• Tools of Choice architecture
• Limitations on nudges and choice architecture

Module 10: Applied Research Techniques for Behavioural Economics

• Quantitative and qualitative research methods
• Research designs
• Types of research
• Action research
• Ethical Considerations in Research
• Debates in research methodologies
• Ethical Considerations in behavioural economics