Behavioral Economics: Consumer Choice and Decision Making

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Course Dates

STARTS ON

August 1, 2024

Course Duration

DURATION

6 weeks, online
4–6 hours

Course Fee
Course Fee

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OVERVIEW

By tapping into the psychological motivations behind consumer behavior, leaders are improving the predictability of consumer and employee decision making. In fact, investment in the behavioral economy has grown by about 146 percent over the past five years (Source: EY). In this six week program, you will examine your real-world experiences through the lens of behavioral economics. With a better understanding of the psychology that drives decision making, you'll have the opportunity to gain insights needed to influence consumer and workplace behavior.

146%

Investment growth in the behavioral economy in the past five years

Source: EY

35,000

The number of choices a human makes each day

Source: Psychology Today

14%

The percentage of CEOs who believe they require new or increased C-level attention on behavioral science competencies to ensure their organizations’ growth

Source: EY

WHO IS THIS PROGRAM FOR ?

This program is designed for mid- to senior-level executives responsible for making critical business decisions that impact employees, customers, and organizations. The curriculum will equip you with the tools and knowledge necessary for evaluating internal and external factors more effectively.

Whether you're in sales, marketing, brand management, or consultancy, you will benefit from exploring the why behind decision making and uncovering the underlying drivers of choice, such as social forces and norms. The application of these insights can potentially help you influence customer decision making, enhance customer experience, and drive better business outcomes and enterprise value.

Learn how to leverage behavioral economics principles to enhance your decision-making skills, gain a deeper understanding of your customers' behavior, and cultivate long-term relationships with them.

KEY TAKEAWAYS

Wharton’s Behavioral Economics: Consumer Choice and Decision Making program helps drive positive business impact by using insights from psychology into consumer motivation and bias in decision making. This program will enable you to:

  • Analyze consumer behavior through decision environments and choice architecture
  • Evaluate how social forces motivate individuals and influence behavior
  • Understand principles that drive demotivation and motivation
  • Evaluate how present bias, tax salience hidden fees, and add-on charges impact decision making

PROGRAM MODULES

Module 1:

Influencing Behavior and Choice

Begin with foundational insights into choice architecture and how it is used to influence behavior, and evaluate how organizations use defaults in various settings to impact decision making.

Module 2:

Social Forces on Decision Making

Learn to identify the types of decisions where you can leverage social forces and how leaders and policymakers can use different types of social levers to influence behavior.

Module 3:

Preference for equality and Reciprocation

Explore human behavior by understanding their preference for fairness with resistance to incidental inequalities, reciprocity, and gift exchange on motivation, and discuss how you can apply them to influence behavior in a given setting.

Module 4:

Motivation Strategies

Further explore management concepts, such as motivation and demotivation, and learn how the concepts of gamification and personal identity can influence behavior.

Module 5:

The Influence of Present Bias

Understand a consumer’s perspective through studying present bias and how it impacts the perception of a product’s value, influences purchase decisions, and causes inconsistent behavior.

Module 6:

Tax Salience and Pricing

Dive further into purchasing decisions by exploring the influence of pricing transparency, tax salience, hidden fees, and surcharges, and discuss the ways organizations increase revenue through add-on costs or hidden fees.

Module 1:

Influencing Behavior and Choice

Begin with foundational insights into choice architecture and how it is used to influence behavior, and evaluate how organizations use defaults in various settings to impact decision making.

Module 4:

Motivation Strategies

Further explore management concepts, such as motivation and demotivation, and learn how the concepts of gamification and personal identity can influence behavior.

Module 2:

Social Forces on Decision Making

Learn to identify the types of decisions where you can leverage social forces and how leaders and policymakers can use different types of social levers to influence behavior.

Module 5:

The Influence of Present Bias

Understand a consumer’s perspective through studying present bias and how it impacts the perception of a product’s value, influences purchase decisions, and causes inconsistent behavior.

Module 3:

Preference for equality and Reciprocation

Explore human behavior by understanding their preference for fairness with resistance to incidental inequalities, reciprocity, and gift exchange on motivation, and discuss how you can apply them to influence behavior in a given setting.

Module 6:

Tax Salience and Pricing

Dive further into purchasing decisions by exploring the influence of pricing transparency, tax salience, hidden fees, and surcharges, and discuss the ways organizations increase revenue through add-on costs or hidden fees.

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PROGRAM EXPERIENCE

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Weekly Discussions

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Final Project

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Assignments

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Reflection Prompts

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Knowledge Checks

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Try-It Activities

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Live Webinar

FINAL PROJECT

For your final project, you will pick a concept from the course and write a memo to a CEO expressing your views of how an organization should best apply that concept. You will then present your views to your cohort. Your ability to apply the topics and frameworks from the modules to these real-world environments will determine your grade.

FACULTY

Faculty Member Judd B. Kessler, PhD

Judd B. Kessler, PhD

Howard Marks Professor, Department of Business Economics and Public Policy at the Wharton School, University of Pennsylvania

Professor Judd B. Kessler received a BA in economics from Harvard University in 2004, an MPhil in economics from Cambridge University in 2005, and his PhD in business economics from Harvard University in 2011. More info

Certificate

Certificate

Upon successful completion of the program, you will earn a digital certificate of completion from the Wharton School.

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Note: After successful completion of the online program, your verified digital certificate will be emailed to you in the name you used when registering for the program. All certificate images are for illustrative purposes only and may be subject to change at the discretion of the Wharton School.

This online certificate program does not grant academic credit or a degree from the Wharton School of the University of Pennsylvania.

FAQs

  • How do I know if this program is right for me?

    After reviewing the information on the program landing page, we recommend you submit the short form above to gain access to the program brochure, which includes more in-depth information. If you still have questions on whether this program is a good fit for you, please email learner.success@emeritus.org, and a dedicated program advisor will follow-up with you very shortly.


    Are there any prerequisites for this program?

    Some programs do have prerequisites, particularly the more technical ones. This information will be noted on the program landing page, as well as in the program brochure. If you are uncertain about program prerequisites and your capabilities, please email us at the ID mentioned above.


    Note that, unless otherwise stated on the program web page, all programs are taught in English and proficiency in English is required.


    What is the typical class profile?

    More than 50 percent of our participants are from outside the United States. Class profiles vary from one cohort to the next, but, generally, our online certificates draw a highly diverse audience in terms of professional experience, industry, and geography — leading to a very rich peer learning and networking experience.


    What other dates will this program be offered in the future?

    Check back to this program web page or email us to inquire if future program dates or the timeline for future offerings have been confirmed yet.

  • How much time is required each week?

    Each program includes an estimated learner effort per week. This is referenced at the top of the program landing page under the Duration section, as well as in the program brochure, which you can obtain by submitting the short form at the top of this web page.


    How will my time be spent?

    We have designed this program to fit into your current working life as efficiently as possible. Time will be spent among a variety of activities including:



    • Engaging with recorded video lectures from faculty
    • Attending webinars and office hours, as per the specific program schedule
    • Reading or engaging with examples of core topics
    • Completing knowledge checks/quizzes and required activities
    • Engaging in moderated discussion groups with your peers
    • Completing your final project, if required

    The program is designed to be highly interactive while also allowing time for self-reflection and to demonstrate an understanding of the core topics through various active learning exercises. Please email us if you need further clarification on program activities.


    What is it like to learn online with the learning collaborator, Emeritus?

    More than 300,000 learners across 200 countries have chosen to advance their skills with Emeritus and its educational learning partners. In fact, 90 percent of the respondents of a recent survey across all our programs said that their learning outcomes were met or exceeded.

    All the contents of the course would be made available to students at the commencement of the course. However, to ensure the program delivers the desired learning outcomes the students may appoint Emeritus to manage the delivery of the program in a cohort-based manner the cost of which is already included in the overall course fee of the course.

    A dedicated program support team is available 24/5 (Monday to Friday) to answer questions about the learning platform, technical issues, or anything else that may affect your learning experience.


    How do I interact with other program participants?

    Peer learning adds substantially to the overall learning experience and is an important part of the program. You can connect and communicate with other participants through our learning platform.

  • What are the requirements to earn the certificate?

    Each program includes an estimated learner effort per week, so you can gauge what will be required before you enroll. This is referenced at the top of the program landing page under the Duration section, as well as in the program brochure, which you can obtain by submitting the short form at the top of this web page. All programs are designed to fit into your working life.

    This program is scored as a pass or no-pass; participants must complete the required activities to pass and obtain the certificate of completion. Some programs include a final project submission or other assignments to obtain passing status. This information will be noted in the program brochure. Please email us if you need further clarification on any specific program requirements.


    What type of certificate will I receive?

    Upon successful completion of the program, you will receive a smart digital certificate. The smart digital certificate can be shared with friends, family, schools, or potential employers. You can use it on your cover letter, resume, and/or display it on your LinkedIn profile.
    The digital certificate will be sent approximately two weeks after the program, once grading is complete.


    Can I get the hard copy of the certificate?

    No, only verified digital certificates will be issued upon successful completion. This allows you to share your credentials on social platforms such as LinkedIn, Facebook, and Twitter.


    Do I receive alumni status after completing this program?

    No, there is no alumni status granted for this program. In some cases, there are credits that count toward a higher level of certification. This information will be clearly noted in the program brochure.


    How long will I have access to the learning materials?

    You will have access to the online learning platform and all the videos and program materials for 12 months following the program start date. Access to the learning platform is restricted to registered participants per the terms of agreement.

  • What equipment or technical requirements are there for this program?

    Participants will need the latest version of their preferred browser to access the learning platform. In addition, Microsoft Office and a PDF viewer are required to access documents, spreadsheets, presentations, PDF files, and transcripts.


    Do I need to be online to access the program content?

    Yes, the learning platform is accessed via the internet, and video content is not available for download. However, you can download files of video transcripts, assignment templates, readings, etc. For maximum flexibility, you can access program content from a desktop, laptop, tablet, or mobile device.

    Video lectures must be streamed via the internet, and any livestream webinars and office hours will require an internet connection. However, these sessions are always recorded, so you may view them later.

  • Can I still register if the registration deadline has passed?

    Yes, you can register up until seven days past the published start date of the program without missing any of the core program material or learnings.


    What is the program fee, and what forms of payment do you accept?

    The program fee is noted at the top of this program web page and usually referenced in the program brochure as well.

    • Flexible payment options are available (see details below as well as at the top of this program web page next to FEE).
    • Tuition assistance is available for participants who qualify. Please email learner.success@emeritus.org.

    What if I don’t have a credit card? Is there another method of payment accepted?

    Yes, you can do the bank remittance in the program currency via wire transfer or debit card. Please contact your program advisor, or email us for details.


    I was not able to use the discount code provided. Can you help?

    Yes! Please email us with the details of the program you are interested in, and we will assist you.


    How can I obtain an invoice for payment?

    Please email us your invoicing requirements and the specific program you’re interested in enrolling in.


    Is there an option to make flexible payments for this program?

    Yes, the flexible payment option allows a participant to pay the program fee in installments. This option is made available on the payment page and should be selected before submitting the payment.


    How can I obtain a W9 form?

    Please connect with us via email for assistance.


    Who will be collecting the payment for the program?

    Emeritus collects all program payments, provides learner enrollment and program support, and manages learning platform services.

  • What is the program refund and deferral policy?

    For the program refund and deferral policy, please click the link here.

Didn't find what you were looking for? Write to us at learner.success@emeritus.org or Schedule a call with one of our Academic Advisors or call us at +1 680 205 5118 (US) / +44 185 845 9995 (UK) / +65 3135 1422 (SG)

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