Specialist Certificate in Behavioral Economics

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Learning Outcome

1. From the course, you will first learn about behavioral economics and the differences between this and similar theoretical framework
   
2. Learners will explore the common elements of behavioral economics and the various ways it can help people improve their lives and factors influencing their decisions
   
3. You will also discover what behavioral economics is and how the practice is used to help people solve their life problems
   
4. Learners will be able to gain competence in the application and practice of behavioral economics

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Who is this course for?

This course is designed for any applicant who is interested in the area of behavioral psychology and economics, individuals from diverse industries who wishes to learn more about applied psychology in business, existing professionals who wishes to have a structured review of this specific skills or aspiring private practitioners or any practitioners in the area of psychology, psychotherapy, counselling or coaching.

Requirements for enrollment

1. Diploma or equivalent (including English); or

2. NITEC or Higher NITEC (including English); or

3. Mature candidates (≥ 30 years old with min. 8 years work experience) or

4. Other private or foreign qualifications will be assessed on a case-by-case basis

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Topics

Topic 1: Introduction to Counselling as a Foundations of Behavioural Economics
This topic will provide students with a clear introduction to the principles and methods of Behavioural Economics. Behavioural economics considers the ways that people are more social, more impulsive, less adept at using information, and more susceptible to psychological biases than the standard economic models assume.

Content covered:
What is behavioural economics? Applications of behavioural economics. Rationality. Irrationality. Choices and Decision-making

Topic 2: Heuristics and Biases
In this topic learners will explore, evaluate, and understand how heuristics and biases can affect the decisions people make everyday

Content covered:
What is decision-making? How should we be making decisions? How do we actually make decisions? Two system model of human decision making. Heuristics. Types of Heuristics. Biases

Topic 3: Neuroscience of Decision-Making
This topic explores how emerging findings at the interface of neuroscience, psychology, and economics combine to inform our understanding of how the brain makes decisions. Focus includes neural processes related to reward, punishment, probability, risk, time, reflection, and social interaction, as well as theoretical implications and practical applications.

Content covered:
Cognitive functions and the brain. Somatic marker theory. Four function frame-work of emotions in decision-making. Reward and punishment learning

Topic 4: Consumer Motivation
In this topic, learners will learn how and why consumers behave by examining how consumer use products to define themselves and how this self-concept affects people attention and perception, people motivation to buy, people memory for brands, product and advertising awareness, people brand attitudes, product judgment and choice, customer satisfaction and brand loyalty.

Content covered:
What is motivation? Needs and Wants. Motivation theories. Factors affecting motivation and behaviour. Motivational conflicts. Frustration. Reward undermining

Topic 5: Risk Preferences
This topic will discuss how people should formulate risky choices, make intelligent decisions in the face of uncertainty, and avoid common pitfalls. Learners will also compare and contrast the economic and the psychological theories of risky choice.

Content covered:
Prospect theory. Risk Preferences. Loss aversion. Psychology of risks

Topic 6: Social Influences on Decision-Making
This topic explores, discusses, and evaluate how social factors such as peer effect, and socials status concern, and social prestige plays a critical role in influencing decisions that people make and perceptions that people have.

Content covered:
Consumer roles. Family dynamics. Socioeconomic status. Components of culture. Opinion leaders and reference groups. Consumer misbehaviour and solutions.

Topic 7: Choice Architecture and Nudges
This topic builds on much of the fascinating work in the area of behavioral economics and allows learners to develop a hands-on approach by understanding its methods and more importantly, how it can be harnessed by suitably designing contexts to “nudge” choice.

Content covered:
Choice architecture. Tools of choice architecture. Nudges. Limitations on choice architecture and nudges

Topic 8: Applied Research Methods for Behavioural Economics
This topic provides students with a sound grounding in the range of research methods relevant to the application of behavioral economics in real word setting. It also provides an awareness of some of the relevant debates in the area of methodology. Both quantitative and qualitative research methods will be covered.

Content covered:
Research in social sciences. Research Designs. Types of research. Action research. Ethical considerations in research. Ethical considerations in behavioural economics

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What this course is not

This course is not a substitute for postgraduate qualifications to be a professional counsellor or psychologist. You will need to reach out to your respective governing bodies to achieve that. In Singapore to be a professional counsellor or psychologist will require Masters degree and above, supervised practice of at least 600 (counsellor) hours or 1000 hours (for psychologist), and registration, licensing or chartership. Overseas, the requirements are more stringent and demanding. Please contact your local regulating bodies about this.

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Duration of course

Total course duration is 24 hours and can be completed at the learner’s own pace, be it within a day or over several months. For busy adults, pre-recorded lectures are available; as such, the course can be attempted at the learner’s personal schedules.

For questions and guidance about the course content, our LMS system allows for learners to post their questions on the LMS learning wall, and a tutor will answer those queries to clarify the learner pointers.

How is this course delivered?

This course is delivered face-to-face (in person or via virtual environment) and supplemented via our e-learning portal, and through pre-recorded lectures for ease of accessibility.

Professional Membership and Certification

1. International Association of Board Certified Psychology Coaches (IAOBPC).

Certification

Sample Certificate