Behavioural Economics: From Adam Smith to Modern Applications and Ethical Considerations
This talk explores the fascinating intersection of economics and human behaviour, tracing its roots back to Adam Smith’s seminal observations in the 18th century. We’ll delve into the explosive growth of behavioural economics since the 1960s, examining how this field has revolutionized our understanding of economic decision-making.
Key Topics
Foundational Insights: We’ll discuss Adam Smith’s early recognition of psychological factors in economic behaviour, setting the stage for future developments.
Modern Breakthroughs: The talk will highlight significant contributions in areas such as risk assessment, decision-making processes, and cognitive biases that have reshaped economic theory.
Real-World Impact: We’ll explore how businesses and governments have implemented behavioural economic principles to influence consumer choices and public policy outcomes.
Ethical Considerations: The discussion will address the ethical debates surrounding behavioural economics, including concerns about manipulation and privacy.
Future Directions: Finally, we’ll speculate on emerging trends and potential future applications of behavioural economics.
This presentation aims to provide a comprehensive overview of behavioural economics, from its historical foundations to its current applications and ethical implications, offering valuable insights for both newcomers and those familiar with the field.
The main topics will be:
Foundations and Evolution
Historical Roots: Tracing the origins from Adam Smith to modern pioneers like Kahneman and Tversky.
Current State of the Field: Recent developments, key theories, and major contributors.
Core Concepts and Phenomena
Biases and Heuristics in Decision Making:
– Anchoring and adjustment
– Availability heuristic
– Confirmation bias
Time Preferences and Intertemporal Choice:
– Hyperbolic discounting
– Projection Bias
Loss Aversion and Risk Perception:
– Prospect theory
– Endowment effect
Applications and Policy Implications
Nudge Theory and Choice Architecture: Designing interventions to influence behaviour.
Behavioural Finance: Market anomalies, investor psychology, and financial decision-making.
Health and Well-being: Applications in healthcare decisions, lifestyle choices, and public health policy.
Emerging Trends and Future Directions
Neuroeconomics: Integrating neuroscience with economic decision-making.
Big Data and AI: Leveraging technology for behavioral insights and predictions.
Ethics and Critiques: Addressing concerns about manipulation and privacy in behavioural interventions.
Target Audience:
Financial Professionals: Traders, investment managers, and financial advisors seeking to understand market behavior and investor psychology.
Business Executives: C-suite leaders, managers, and decision-makers across industries who want to enhance their strategic planning and decision-making processes.
Policy Makers: Government officials and public sector leaders interested in applying behavioural insights to policy design and implementation.
Marketing and Sales Professionals: Individuals looking to leverage behavioural insights for more effective customer engagement and sales strategies.
Entrepreneurs and Innovators: Those seeking to incorporate behavioural economics principles into product design and business models.
Benefits of Attending:
Enhanced Decision-Making Skills: Gain insights into cognitive biases and heuristics to make more rational and effective decisions in your professional and personal life.
Improved Strategic Planning: Learn how to anticipate and account for human behaviour in your organizational strategies and risk management approaches.
Competitive Advantage: Understand how to apply behavioural economics principles to gain an edge in market analysis, product development, and customer engagement.
Personal Growth: Develop self-awareness about your own decision-making processes and biases, leading to personal and professional growth.
And here is my bio:
Duncan Rooders is a Dutch executive with a diverse background spanning aviation, business leadership, and advanced academic studies. His career began as a Boeing 747 pilot, where he developed crucial decision-making skills in high-pressure environments.
Currently, Duncan serves as CEO of a Single-Family Office, managing complex financial portfolios and guiding long-term investment strategies. Also, Duncan advises and trains companies and governments in decision-making and scenario planning cases. Furthermore, Duncan has co-authored an article in Harvard Business Review (HBR) focusing on group decision-making strategies.
Duncan’s academic background includes:
– MSc in Strategy and Leadership (London Business School, Sloan Fellows)
– MSc in Behavioural Science (London School of Economics)
– Harvard Business School OPM program alumnus
– MA in War Studies (King’s College London)