Lesson: Introduction to Behavioural Economics

Please be aware, this resource was last updated in 2018

An introduction to Behavioural Econ through experiments, theorists and research.
i designed this for my Y12 groups for their return from Study Leave, to be delivered in that strange world between Y12 and Y13. I needed to engage them quickly so put together this set of lessons.

There is enough material to cover either 3 or 4 lessons. It took my groups and I three lessons just to get through the content on the PowerPoint as they really enjoyed the discussion and the introduction of new material and terminology. I then organised the groups for the presentation activity at the end of the 4th lesson.

*INCLUDES:

• recap of the Law of Demand
• introduction to the Law of Diminishing Marginal Utility through the wonder of Bruce Bogtrotter, Miss Trunchbull and a touch of Homer Simpson’s donuts.
• the rational consumer v the irrational consumer
• EXPERIMENT 1 Based on the Dictator experiment with clear instructions and application of theory
• EXPERIMENT 2 based on ‘anchoring’ through the auctioning of products such as Keynes’ book and an illuminating alarm clock
• EXPERIMENT/RESEARCH 3 based on ‘nudges’. Students consider how effective nudges are, particularly around school.
• there are various opportunities for note-taking and discussion
• Is money fungible? (Richard Thaler)
• A short Dan Ariely clip - are we in control of our decisions, plus an activity to bring concepts together.
• the worksheet that I used for the activity that includes a walk around the school site

It is entirely up to you and the needs of your students, as this resource is completely flexible.