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HBC211 Behavioural Economics: Everyday Decisions Assignment Sample SUSS Singapore

HBC211 Behavioural economics is a relatively new field that combines psychological research with economic theory to understand why people act the way they do. This includes everything from how pricing affects sales volumes, or if there’s such a thing as “fresh” food when you’re negotiating price points with your supplier – all based on sound scientific principles.

In this course, we’ll explore how behavioural economics can be used to make better decisions in our everyday lives. We’ll cover topics such as decision-making, risk and uncertainty, social preferences and interactions, and behaviour change. By the end of the course, you should have a good understanding of how behavioural economics can be used to improve your decision-making, as well as that of others.

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Assignment Brief 1: Describe the foundations of behavioural economics.

The foundations of behavioural economics are based on the idea that people do not always make rational decisions.

This is primarily because humans are emotional beings and our emotions can often override our logical decision-making processes. For example, we may be more likely to purchase something if it’s wrapped in a pretty package, even if we know that the product inside is not necessarily the best one for us.

Another key foundation of behavioural economics is that humans are “social animals”. This means that we often take cues from others when it comes to making decisions, especially when it comes to spending money. So, for example, a person might be more likely to spend money on something if they see their friends or family members doing the same.

Several other important concepts form the foundation of behavioural economics, but these are two of the most important. Understanding these concepts can help you to make better decisions in your own life, and also understand why people make the choices they do.

Assignment Brief 2: Discuss the bases of behavioural economics in the everyday choices we make.

Behavioural economics is the study of how people make decisions both individually and in groups. It focuses on the role that emotions, irrationality, and limited information-processing abilities play in economic decision-making. In other words, behavioural economics looks at what happens in the “real world” as opposed to the idealized world of traditional economics.

There are several important implications of behavioural economics for our everyday lives.

First, it helps us to understand why we sometimes make bad decisions – even when we know better.

Second, it provides clues about how we can nudge ourselves and others towards better choices.

Finally, it underscores the importance of fostering social and institutional environments that support good decision-making.

One of the most important insights from behavioural economics is that our decisions are often influenced by short-term emotions and impulses, rather than rational calculations. For example, we may choose to buy something on sale even though it’s not something we need, simply because it’s a good deal. Or we may indulge in an unhealthy snack even though we know it’s not good for us because we’re feeling stressed and want a quick fix.

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Assignment Brief 3: Examine the push and pull factors at play when we make decisions.

There are a variety of factors that can influence our decisions, including both push and pull factors. Push factors are things that drive us to make a particular decision, while pull factors are things that attract us to a particular option.

Some of the most common push factors include pressure from others, a need to make a change, or feelings of frustration or desperation. Pull factors can include things like convenience, the potential for rewards or positive outcomes, or feelings of excitement or anticipation.

Oftentimes, a combination of both push and pull factors will be at play when we make a decision. For instance, someone might decide to move to a new city because they are attracted to the job prospects and the adventure of living in a new place, but they may also be pushed to make the move by factors like high rent prices or a lack of job satisfaction in their current city.

It’s important to be aware of both types of factors when making decisions, as they can have a significant impact on our choices. By understanding what’s driving us and what’s attracting us, we can make more informed decisions that align with our goals and values.

Assignment Brief 4: Analyse issues about behavioural manipulation.

There are several reasons why people might be susceptible to behavioural manipulation. For one, people may be more likely to comply with another person’s demands if they are in a position of authority or if they feel that they need to please the other person. Additionally, people who are uncertain or insecure about themselves may be more likely to succumb to manipulation, as they may fear that the manipulator will withdraw their approval or support.

Manipulators may also exploit certain psychological vulnerabilities to gain control over someone else. For example, people with low self-esteem may be more likely to fall for manipulations that make them feel good about themselves, while those with a history of abuse or neglect may be more vulnerable to manipulative behaviour that makes them feel as though they are powerless or worthless. Additionally, people who are struggling with mental health issues such as depression or anxiety may be more likely to fall prey to manipulation, as they may be more likely to believe what the manipulator says and less likely to question their motives.

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Assignment Brief 5: Apply relevant concepts and theories to explain how behavioural economics impacts us in a “connected” society.

In a “connected” society, behavioural economics can impact us in a few different ways. For example, social media platforms like Facebook and Twitter can be used to influence people’s behaviour by providing them with information that is designed to change their attitudes or actions. For example, if an organization wants to get more people to sign up for a certain cause, they might use Facebook to post images or videos that show the positive effects of signing up.

Another way behavioural economics can impact us in a “connected” society is through the use of marketing techniques. For example, companies might use persuasive techniques like loss aversion (in which people are more likely to act when they fear losing something than when they stand to gain something) or commitment and consistency (in which people are more likely to follow through on an action if they have committed to it publicly).

Overall, behavioural economics can have a significant impact on our behaviour in a “connected” society. By understanding how these concepts work, we can be more aware of the ways we are being influenced and make more informed decisions about our actions.

Assignment Brief 6: Show, with everyday examples, how behavioural economics can have a positive impact on society.

Behavioural economics is the study of how people make economic decisions. It considers how decision-makers take into account both cognitive and emotional factors when making decisions, and how these factors can lead to suboptimal outcomes.

There are several ways in which behavioural economics can have a positive impact on society. For example, by helping people to better understand their own biases and limits to rationality, behavioural economics can help individuals to make more informed and effective decisions. In addition, by identifying situations where behavioural biases are likely to lead to negative outcomes, policymakers can design interventions that mitigate these effects.

One everyday example of how behavioural economics can have a positive impact is in the area of retirement savings. Many people have a hard time saving for retirement because they discount the future too heavily. This means that they are less likely to save for a goal that is far off in the future, even if it is very important to them.

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