Behavioral Economics: Consumer Choice and Decision Making

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Course Dates

STARTS ON

March 7, 2023

Course Duration

DURATION

6 weeks, online
4–6 hours

Course Fee

PROGRAM FEE

US$2,600 US$2,210 or get US$260 off with a referral

Course Information Flexible payment available

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OVERVIEW

More and more leaders are tapping into insights from behavioral economics to make business decisions. With a better understanding of the psychological motivations behind consumer behavior, it becomes easier to improve the predictability of decision making by consumers and employees. In this program, you will reshape your perspectives through elements of behavioral economics to learn why people’s decisions may deviate from optimal choices and how forces such as motivation, control, bias, and recognition can influence 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

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 and utilize principles that drive demotivation and motivation
  • Evaluate how present bias impacts decision making
  • Examine tax salience, hidden fees, and add-on charges as decision influences
  • Identify ways that the government and organizations can take advantage of individuals

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:

Inequity Aversion and Reciprocation

Explore employee behavior by understanding the effects of inequity aversion, reciprocity, and gift exchange on motivation and work performance, and discuss how you can apply them to influence behavior in an organizational 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 worker 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 worker 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:

Inequity Aversion and Reciprocation

Explore employee behavior by understanding the effects of inequity aversion, reciprocity, and gift exchange on motivation and work performance, and discuss how you can apply them to influence behavior in an organizational 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 to complete the course, 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 learner.success@emeritus.org for assistance.


    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 at learner.success@emeritus.org 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 contact us at learner.success@emeritus.org if you need further clarification on program activities.



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

    More than 250,000 professionals globally, across 80 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.

    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 contact us at learner.success@emeritus.org 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 at learner.success@emeritus.org for details.


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

    Yes! Please email us at learner.success@emeritus.org 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 learner.success@emeritus.org with your invoicing requirements and the specific program you’re interested in enroling 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 email us at learner.success@emeritus.org for assistance.

  • What is the policy on refunds and withdrawals?

    You may request a full refund within seven days of your payment or 14 days after the published start date of the program, whichever comes later. If your enrolment had previously been deferred, you will not be entitled to a refund. Partial (or pro-rated) refunds are not offered. All withdrawal and refund requests should be sent to admissions@emeritus.org.



    What is the policy on deferrals?

    After the published start date of the program, you have until the midpoint of the program to request to defer to a future cohort of the same program. A deferral request must be submitted along with a specified reason and explanation. Cohort changes may be made only once per enrolment and are subject to availability of other cohorts scheduled at our discretion. This will not be applicable for deferrals within the refund period, and the limit of one deferral per enrolment remains. All deferral requests should be sent to admissions@emeritus.org.

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