Economics

Enrichment

Favourite Behavioural Economics Valentines

Geoff Riley

14th February 2017

Here is a selection of some of the many behavioural valentines posted on Twitter on the 14th February 2017. Spot the psychological biases in some of these!

Prospect Theory / Loss Aversion

Losing you would hurt twice as much as the the pleasure from gaining you.

Commitment Devices

Date is set, can’t wait to start
You know the key to our heart
Isn’t chocolate or a dance
But a plan made in advance

Satisficing

I'd satisfice for cars
And my housing too
But I'd have to maximize
To find someone like you

Discounting the future

I proclaim my affection
Early, not late
Because my love
Has a high discount rate

Peak End Rule

The peak was good, the end was not.
It’s understood you’re best forgot

And ... perhaps my favourite of all (from 2016!)

Roses are red
Violets are blue
It's all about system 1
Who cares about system 2

Geoff Riley FRSA has been teaching Economics for over thirty years. He has over twenty years experience as Head of Economics at leading schools. He writes extensively and is a contributor and presenter on CPD conferences in the UK and overseas.

@tutor2uGeoff