Behavioural economics

The complexity of the problem, the lack of information and time, or the uniqueness of the situation cause people to act suboptimally. Although people are motivated to make effective decisions - which is especially true in markets - they often display limited willpower, lack of deliberation and incomplete self-interest. All these forms of irrationality play an important role in everyone's life. Behavioural economics research on human decision-making also highlights the powerful influence of emotions - moral feelings, fear, expectation, trust, envy, disgust, sympathy and anger - and intuition on human decision-making. In a broad class of phenomena ranging from savings, health care, investing in the stock markets, the behavior of employees and employers in the labor market, or voters and politicians in public elections, behavioral economists have already identified both rational actions and patterns of behavior indicating limited human capacity to achieve desirable goals.Thus, the goal of this course is to understand and analyze the ways in which people process information and make decisions has been the focus of the efforts of many researchers and practitioners in the commercial and non-commercial spheres. It is concerned with understanding these processes in the context of the findings of behavioral scientists in recent decades - human decision making deviates from the so-called optimal or strictly rational choice in many cases and situations.We will also look at how these insights can influence marketing communications and its practical implementation - specifically the design of communications strategy, channel planning and the design of individual interventions. Also included is how to measure and evaluate interventions, including the development of hypotheses and how to test them using experiments. Finally, the ethical aspects of such interventions in non-commercial or commercial use will be discussed.

. in: Executive Education