“Do you know what you don’t know?”
Behavioural Economics is the “new science” of business. It has been described as integrating economics with psychology. Human traits such as limited rationality, social preferences, and lack of self-control, affect individual decisions as well as market outcomes. Learn what really drives and motivates decisions. This will have the dual impact of improving your decision making and also enabling you to nudge to your preferred outcome. This is a very popular elective course on the MBA programme, and is now available to you too.
The course is designed to provide an overview of: How we make decisions, are we really rational or are we influenced by hidden factors? Do we make decisions that discount the future correctly? How do we avoid irrational decisions? How do we avoid having to say “what was I thinking” after the decision? It explores among other things:
- What influences our decisions and therefore our investments?
- Why don’t we save enough for retirement?
- Why do we over-eat?
- Why don’t we exercise enough?
- Why do we buy stuff we don’t need?
- Why do we lie, and still believe that we are honest?
An important aspect of the course is “nudge theory”, how small interventions or incentives can encourage people to make better decisions, and how companies can use this to the benefit of themselves and their customers. The topics that could be included are:
- What is behavioural economics?
- Applying behavioural economics to the real world
- How Behavioural economics can boost your bottom line by making better investment decisions
- Are we really in control of our decisions
- The fallacy of supply and demand, and the decoy effect
- The availability heuristic & the exposure effect
- The cost of zero and the power of “free”
- The context of our character (dis)honesty
- The cost of social norms
- The influence of arousal
- Procrastination and self-control
- Discounting the future
- The high price of ownership
- The power of closing doors
- The expectations effect
- The power of price
- The truth about relativity
David Zidel has over 20 years’ experience in training, facilitation and business coaching. He has an MBA from Wits Business School and is the author of 2 books, “Basic business calculations” and “Life on the run: 18 steps to success.” These books have sold over 10,000 copies each. David won the prize for best part-time lecturer in 2010 & runner up in 2013 at Wits Business School.
- Date: 7 August 2019
- Time: 7:30 – 16:00
- Training venue: Johannesburg Business School Towers (Cnr Barry Hertzog and Empire Road, Milpark)
- Facilitator: David Zidel
- Fees: R2250