Behavioral Economics

About the Course

Behavioral Economics

Grade 10+
CTY-Level
LIVE
History and Social Science

Why is it so hard to hail a cab in the rain in New York City? Why do some people pay for annual gym memberships when they would save on a pay-as-you go basis? Integrate ideas from the social sciences with economics to understand how we act, make decisions, and play.

Explore and test a range of theories, maybe by using Tversky and Kahneman’s idea of Supposedly Irrelevant Factors to determine their applicability to your life and to qualitatively explain several classic behavioral economics scenarios. Later in the course, after studying E. Cartwright’s analysis of breakfast cereal choice, conduct your own parallel analysis to choose, for instance, a college or a dessert.

Individual and group activities provide a thorough introduction to behavioral economics and its implications for public policy.

Fall and Spring Time Commitment: 4-5 hours per week (1-hour of class time, 3-4 hours of independent work).
Summer Time Commitment: 12-15 hours per week (3-hours of class time, 9-12 hours of independent work).

Course Overview

What we'll do

We will work through units containing synchronous and asynchronous activities. We’ll meet for synchronous group meetings via Zoom to discuss new topics, collaborate on small tasks, share opinions, and reflect on the assigned activities. Between sessions, you’ll work independently to complete assigned activities. Throughout the course, your instructor will provide feedback and assistance via Zoom and Microsoft Teams.

What we’ll learn

Key ideas in the field
How to use the utility functions under prospect theory, various weightings, and some key games
How to use different ways of carrying out discounting of utility in time
How the notion of sunk costs helps explain economic behavior
How to reason why it is so difficult to achieve economic policies that would benefit the environment
How to do common reasoning fallacies influencing economic decision-making
How to differentiate system-1 and system-2 processing
How to nudge basics and objections
How to produce a brief introduction to neuroeconomics

The primary goals of the course are to extend students’ knowledge and understanding of behavioral economics and its applications.

By the end of the course, you will be able to:

Articulate key concepts from behavioral economics such as supposedly irrelevant factors, affective considerations, utility, time-discounting, fallacies, heuristics, prospect theory, games, risk-averseness, sunk costs, and factors affecting happiness
Explain how behavioral economics can help understand environmental policies, how the brain works neurologically while making economic decisions, what social-choice theory is, and how team and individual performance differ
Assess a situation (personal, group, societal) with economic imperatives from a behavioral economics perspective
Devise, implement, and analyze studies to understand economic choices, and how to nudge people toward a socially or personally desired end which they find difficult to achieve otherwise

How we'll measure learning

Instructors will evaluate student work using marking guides and rubrics and provide detailed constructive feedback on assignments, projects, and other course activities.

This course is

ungraded.

Classes

Register for an Online course by selecting an open class below. If no open classes are listed, then course enrollment is currently closed. Note: You will need to have an active CTY Account to complete registration through MyCTY.

Mondays, Wednesdays, and Fridays

Jun 16 - Jul 3

3 weeks

9:00 p.m. (ET)

$1,365

Enroll

Mondays, Wednesdays, and Fridays

Jun 16 - Jul 3

3 weeks

9:00 a.m. (ET)

$1,365

Enroll

Testing and Prerequisites

	Math	Verbal
Required Level	CTY-Level	or CTY-Level

Check your eligibility using existing test scores If you do not have existing test scores:

Students must achieve qualifying scores on an advanced assessment to be eligible for CTY programs. If you don’t have qualifying scores, you have several different testing options. We’ll help you find the right option for your situation.

Course Prerequisites

Behavioral Economics requires:

1 prerequisite

Algebra 2. Previous exposure to economics is not assumed; students can build upon any prior experience.

Cost and Financial Aid

Tuition
- Varies
Application fee
- Nonrefundable Application Fee - $15 (Waived for financial aid applicants)
- Nonrefundable International Fee - $20 (outside US only)

Financial Aid

We have concluded our financial aid application review process for Academic Year 2023-2024 Online Programs (Courses with start dates July 1, 2023-June 30, 2024). Our application for Academic Year 2024-2025 Online Programs is expected to open in January. We encourage those who may need assistance in the future to apply for aid as early as possible.

Learn More

Course Materials

Please acquire all course materials by the course start date, unless noted as perishable. Items marked as “perishable” should not be acquired until the student needs them in the course. If you have questions about these materials or difficulty locating them, please contact [email protected].

Book Title: Behavioral Economics: The Basics
Author: P. Corr and A. Plagnol
ISBN: 978-1138228917

Technical Requirements

This course requires a computer with high-speed Internet access and an up-to-date web browser such as Chrome or Firefox. You must be able to communicate with the instructor via email. Visit the Technical Requirements and Support page for more details.

This course uses a virtual classroom for instructor-student communication. The classroom works on standard computers with the Zoom desktop client, and on tablets or handhelds that support the Zoom Mobile app. Recorded meetings can only be viewed on a computer with the Zoom desktop client installed. The Zoom desktop client and Zoom Mobile App are both free to download.

Our online History and Social Science courses include the study of economics, U.S. history and government, world history, and psychology. Reading and writing are at the heart of all our offerings. Courses for older students cover material typically found in introductory college-level classes, while younger scholars enjoy studying world history and geography. All courses are guided by expert instructors who connect with you through virtual class meetings and interactive review workshops. Whichever course you choose, you’ll gain important insights into the inner workings of government, world civilizations, global culture, and the human mind.

Dig into World History and Geography

In the newly created Preparation for AP World History and Geography Eastern Hemisphere and Preparation for AP World History and Geography Western Hemisphere courses, students explore fascinating historical concepts of the past through historical analysis, engaging discussions, and dynamic live sessions. Students meet with their instructor and peers each week to investigate transformative world events and discuss their thoughts with one another. Taking these courses will help students prepare for the challenge of AP History courses.

Meet our History and Social Sciences Instructors

Teaching AP World History: Modern, I'm frequently astonished at how natural it is for students from both the United States and across the world to meet and learn about a global subject from not just their instructor but, just as importantly, so many different student perspectives!

Tyler Meinhart

History and Social Sciences Instructor

I enjoy building relationships with students, facilitating their learning, and helping them achieve a refined understanding of the complex world around us. Using a high energy, enthusiastic approach to learning allows me to deeply connect with my students while having lots of fun!

Alejandro Lozano

History and Social Sciences Instructor

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