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This course will begin with an introduction to basic
concepts from microeconomics such as marginal cost
marginal utility, externalities, game theory, and Nash
equilibria. This course will then cover nudge theory
and highlight concepts such as choice architecture,
which examines how and why the way in which options
are presented to people influences the option that is
likely to be selected. Nudge theory will also be
discussed in the context of game theory and why certain
nudges may be ineffective if businesses have an
incentive to change the options to serve their own
self-interest rather than the interests of society
more broadly. The course will also cover different
theories as to why people may or may not behave
prosaically and the potential role of empathy.
Additional topics that likely will be covered
include intertemporal choice/delayed gratification,
conceptions of fairness, sunk costs, and hindsight
bias.
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