Behavioural Economics Explained

Behavioural economics. What is it? Why is it important? And should it even be considered a subdiscipline? All this and more will be covered in INOMICS’ short video defining and explaining the core elements of behavioural economics.

After a short introduction, this video will describe how behavioural economics is conventionally understood at standing at the intersection between psychology and economics. We shall then discuss how behavioural economics as a distinct field came into being and its challenge to classical economics. After this we’ll go through the example of loss aversion as a theory produced by the field of behavioural economics and how it affects people’s economic behaviour in the case of free trails. Finally, we’ll clarify the subdiscipline’s relationship with economics more broadly and find ultimately the distinction between the two is very thin.

00:00 Introduction
00:11 Definition
00:26 History of Behavioural Economics
01:17 Loss aversion
01:49 Relation to Economics
02:11 Conclusion

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Are there any other online courses to learn about behavioural economics?