We make thousands of decisions every day. Do I cross the road now, or wait for the oncoming truck to pass? Should I eat fries or a salad for lunch? How much should I tip the cab driver? We usually make these decisions with almost no thought, using what psychologists call “heuristics” – rules of thumb that enable us to navigate our lives. Without these mental shortcuts, we would be paralyzed by the multitude of daily choices. But in certain circumstances, these shortcuts lead to predictable errors – predictable, that is, if we know what to watch out for. Did you know, for example, that we are naturally biased towards selling investments that are doing well for us, but holding on to those that are doing poorly? Or that we often select sub-optimal insurance payment plans, and routinely purchase insurance that we don’t even need? And why do so many of us fail to enroll in our employer’s corporate retirement plans, even when the employer offers to match our contributions?
Behavioral finance is the study of these and dozens of other financial decision-making errors that can be avoided, if we are familiar with the biases that cause them. In this course, we examine these predictable errors, and discover where we are most susceptible to them. This course is intended to guide participants towards better financial choices. Learn how to improve your spending, saving, and investing decisions for the future.
À propos de ce cours
4.4
832 notes
Compétences que vous acquerrez
Decision-MakingBehavioral FinanceCognitive BiasBehavioral Economics
Programme du cours : ce que vous apprendrez dans ce cours
Semaine
1Week 1
Welcome to the course! In this first week, we'll look at the classical economic model of consumer choice, which assumes that all of the decisions that we make are sensible, or “rational.” Once we have examined the underlying theory of how people should behave (especially around financial decisions), we will move on to examine how people do behave. We will focus in particular on situations in which we are most inclined to make decisions that appear to defy rational choice axioms.
5 videos (Total 23 min), 4 lectures, 1 quiz
5 vidéos
Introduction to Classical Economics1 min
Utility of Money6 min
Omission Bias Case Study2 min
Expected Utility vs Prospect Theory9 min
4 lectures
Course Overview10 min
Utility of Money10 min
Omission Bias10 min
Answer Choice Explanations and Correct Answers for Week 1 Quiz10 min
1 exercice pour s'entraîner
Week 1 Quiz24 min
Semaine
2Week 2
Welcome to the second week. In this session, we will discover how our minds are inclined to distort probabilities, and either underestimate or overestimate the likelihood of certain outcomes. We’ll also learn about “heuristic-driven bias”: the tendency to use rules of thumb that simplify the process of making decisions, but can also lead to predictable errors. These biases negatively affect our decision-making far more than we might expect; especially when the outcome of the decision has great significance for us.
8 videos (Total 63 min), 6 lectures, 1 quiz
8 vidéos
Probability Weighting4 min
Relative Probabilities1 min
The Availability Heuristic10 min
Mental Accounting and Expenditures7 min
Loss Aversion8 min
Belief Perseverance and Confirmation Bias9 min
Case Study: Belief Perseverance4 min
6 lectures
Problems with Probability10 min
Probability Weighting10 min
The Availability Heuristic10 min
Framing10 min
Representativeness10 min
Overconfidence10 min
1 exercice pour s'entraîner
Week 2 Quiz28 min
Semaine
3Week 3
In the final week of the course, we will see multiple examples of how mental heuristics can lead us to make predictably sub-optimal financial decisions, both individually and across the entire financial markets. We will also discuss the many ways in which you can now improve your financial decision-making because of your deeper understanding of the innate biases that have tripped you up in the past!
2 videos (Total 8 min), 2 lectures, 1 quiz
2 lectures
Money Management10 min
Market Bubbles & Crashes10 min
1 exercice pour s'entraîner
Week 3 Quiz26 min
4.4
246 avis33%
a commencé une nouvelle carrière après avoir terminé ces cours
83%
a bénéficié d'un avantage concret dans sa carrière grâce à ce cours
Meilleurs avis
par AM•Aug 16th 2017
Great course! It allows to understand the twisted logic that run in our heads. Helps to establish the balance between probabilistic truth and illusions that infect our decision-making. Thanks a lot!
par MD•Aug 21st 2017
Insightfull short course on psychological background on investing. Recommend this course for any investment professional or amateur to learn about the most common pitfalls in investing
Enseignant
Emma Rasiel
Associate Chair and ProfessorEconomics
À propos de Duke University
Duke University has about 13,000 undergraduate and graduate students and a world-class faculty helping to expand the frontiers of knowledge. The university has a strong commitment to applying knowledge in service to society, both near its North Carolina campus and around the world.
Foire Aux Questions
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À quoi ai-je droit si j'achète le Certificat ?
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Will I receive a transcript from Duke University for completing this course?
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