Behavioral economics is the science of how and why people make the decisions they do. It’s the study of what truly motivates us – in the choices we make as consumers to the biases that affect our behaviors and habits. Today, more and more companies and organizations, from Google and Facebook to The World Bank, are leveraging insights from behavioral economics to help solve their business challenges.
In this course, students will learn how to apply insights from psychology and behavioral economics in the business environment. Participants will learn to create compelling value propositions, deploy effective user research and A/B testing, design better products and customer experiences, and launch more effective pricing and marketing strategies. By designing an environment and creating thoughtful interventions, we are able to improve people’s decision making in a way that benefits customers while also growing a company’s bottom line.
Students will learn the key principles of behavioral economics and how to apply them in a business context. Upon completing the course, students will view themselves as choice architects; they will know how to shape customers' decisions by shaping the environment where the decisions are made.
Students who complete the course will:
- Understand how customers really think
- Be able to identify and create product features that are most compelling to customers
- Understand the psychology of money and know how to create effective pricing strategies
- Be able to create effective A/B testing and research plans, avoiding common mistakes and pitfalls
- Know how to make small changes that produce big results
- NOTE This course will have an online session in the week following the in-class meetings.
- COURSE NUMBER ENVR-40012
- CREDIT 2.00 unit(s)
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