Economics of the Crisis - Behavioural Economics [Head Start in A-Level Economics]

In this fourth lesson on aspects of the public health and economic crisis we explore some ideas drawn from behavioural psychology.

Introduction to behavioural economics

In this video we introduce some ideas in behavioural economics and focus on trying to appeal to social norms to change behaviour during the crisis.

Quiz!

If you would like a quick quiz on behavioural economics, then try this Kahoot! quiz

Video 1

In this video we introduce some ideas in behavioural economics and focus on trying to appeal to social norms to change behaviour during the crisis.

Video 2: Default Bias, Social Norms & Framing

In this video we look at a group of behavioural biases including the impact of Default Bias, Social Norms & Framing when people make choices

Video 3: Herd Behaviour and Loss Aversion and Over-Confidence Bias

In this video we look at examples of herd behaviour, loss aversion and the over-confidence bias.

I really like this article from the economics team at ING which looks at the importance of trust in shaping how we behave. Within the space of a few weeks, the concept of keeping a social distance has effectively become a new social norm. But this depends on people keeping to their side of the implicit bargain.

Video 4: Zero Risk Bias and the Messenger Effect

In this video we apply the concepts of zero risk bias and the messenger effect to aspects of the public health crisis.

Video 5: Behavioural nudges to improve public health during the crisis

Many behavioural nudges have been tried during the public health crisis. This short video looks at a few examples and draws on the EAST framework.

Quiz!

Test and check your understanding

Here are some of the key concepts used across the five videos in this lesson. We have put them into a Quizlet revision activity. have a go!