Course in Behavioral Economics and Modern Economics for Understanding the Nature of Advanced Business

In today’s dynamic and interconnected business environment, it has become essential to move beyond classical economic theories to more accurately understand individual and organizational behavior. This program, "Behavioral Economics and Modern Economics for Understanding the Nature of Advanced Business", delivered by Geneva Institute of Business Management, integrates concepts from behavioral economics and modern economic theory to offer a robust analytical framework. It enables professionals to interpret complex economic decisions influenced by emotions, cognitive biases, technological shifts, and modern market trends. The course is designed to cultivate critical thinking and sharpen analytical skills to interpret contemporary economic phenomena and respond effectively within advanced business environments.

Target Audience

• Executive leaders and managers in economic and financial departments

• Economic analysts and researchers specializing in behavioral and applied economics

• Professionals in banking, insurance, and capital markets

• Policymakers and government officials involved in economic affairs

• Academics and scholars focusing on the evolution of modern economic thought

• Business and organizational development consultants

• Strategic planning directors and decision-makers in corporate settings

• Data analysts and professionals involved in behavior-based economic forecasting

Objectives

• Understand the core principles of behavioral economics and how they apply to business practices

• Analyze the impact of cognitive biases and psychological factors on economic decision-making

• Explore modern economic concepts and their relevance to labor and capital markets

• Enhance participants’ ability to link individual and group behaviors with macroeconomic trends

• Strengthen critical thinking about traditional economic models and assess more realistic alternatives

• Utilize economic tools to build strategies that align better with current realities

• Analyze market shifts through a behavioral lens and manage related economic risks

• Construct interpretive models that blend both quantitative and qualitative analysis for a deeper understanding of contemporary economics

Course Outline

Introduction to Behavioral Economics: Concept and Evolution

• Differences between classical and behavioral economics

• Historical context and emergence of behavioral economics

• Role of psychology in explaining economic behavior

• Relevance of behavioral economics in modern business environments

Cognitive Biases and Their Impact on Decisions

• Common workplace biases and their consequences

• Influence of biases on risk and opportunity assessment

• Practical approaches to mitigate cognitive distortions

• Behavioral nudging as a decision-guiding strategy

Decision-Making Under Uncertainty

• Rational vs. irrational decision-making models

• Loss aversion and risk behavior in economic contexts

• Expectations and probability estimation in decisions

• How behavior changes in unstable economic environments

Economic and Behavioral Incentives

• Types of incentives and how they drive behavior

• Comparison of economic versus psychological motivators

• Designing incentives within institutional frameworks

• Evaluating short- and long-term effectiveness of incentive systems

Modern Economics and Digital Market Trends

• Key features and directions of the modern economy

• Consumer behavior transformation in the digital age

• Shared economy models and digital platforms

• Innovation, disruption, and the impact on modern markets

Human Capital and Organizational Behavior

• The relationship between motivation and economic behavior in organizations

• Behavioral economics in hiring and performance evaluation

• Structuring work environments to enhance economic efficiency

• Organizational culture and its influence on group behavior

Behavioral Pricing and Consumer Behavior

• Core principles and applications of behavioral pricing

• How consumers respond to prices and promotional cues

• The role of biases in purchasing decisions

• Developing behaviorally informed marketing strategies

Investor Behavior in Financial Markets

• Understanding collective investor behavior

• Economic bubbles and emotional inflation

• Market analysis through a behavioral lens

• Limiting impulsive behavior in investment decisions

Institutional Applications of Behavioral Economics

• Behavioral economics in public policy and regulation

• Enhancing customer experience through behavioral insights

• Designing services based on actual consumer behavior

• Global corporate examples of behavior-driven strategy

Analyzing Contemporary Economic Phenomena

• The rise of behavioral economics in decision-making centers

• Climate change and its influence on economic decisions

• The future of work and the shift to non-traditional economies

• The interplay between technology and behavioral economics