This seminar will use principles from behavioral decision theory and behavioral economics to explore how choice environments promote better decision making. Good choice environments “nudge” people away from judgmental biases (such the status quo bias, myopia, and overconfidence) toward options they would likely have selected given more information, experience, or self-control. We will investigate the effects of default options, contextual effects, and monetary incentives on the choices people make in areas of business, health care, education, and the law. Course is limited to 18 students.
Dept. permission required.
Instructor: Dr. Barbara Mellers