We make thousands of decisions every day. Do I cross the road now, or wait for the oncoming truck to pass? Should I eat fries or a salad for lunch? How much should I tip the cab driver? We usually make these decisions with almost no thought, using what psychologists call “heuristics” – rules of thumb that enable us to navigate our lives. Without these mental shortcuts, we would be paralyzed by the multitude of daily choices. But in certain circumstances, these shortcuts lead to predictable errors – predictable, that is, if we know what to watch out for. Did you know, for example, that we are naturally biased towards selling investments that are doing well for us, but holding on to those that are doing poorly? Or that we often select sub-optimal insurance payment plans, and routinely purchase insurance that we don’t even need? And why do so many of us fail to enroll in our employer’s corporate retirement plans, even when the employer offers to match our contributions?
Behavioral finance is the study of these and dozens of other financial decision-making errors that can be avoided, if we are familiar with the biases that cause them. In this course, we examine these predictable errors, and discover where we are most susceptible to them. This course is intended to guide participants towards better financial choices. Learn how to improve your spending, saving, and investing decisions for the future.
von
Duke University
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Über diesen Kurs
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Kompetenzen, die Sie erwerben
Decision-MakingBehavioral FinanceCognitive BiasBehavioral Economics
Lehrplan - Was Sie in diesem Kurs lernen werden
Woche
11 Stunde zum Abschließen
Week 1
Welcome to the course! In this first week, we'll look at the classical economic model of consumer choice, which assumes that all of the decisions that we make are sensible, or “rational.” Once we have examined the underlying theory of how people should behave (especially around financial decisions), we will move on to examine how people do behave. We will focus in particular on situations in which we are most inclined to make decisions that appear to defy rational choice axioms.
5 Videos (Gesamt 23 min), 4 Lektüren, 1 Quiz
5 Videos
Introduction to Classical Economics1m
Utility of Money6m
Omission Bias Case Study2m
Expected Utility vs Prospect Theory9m
4 Lektüren
Course Overview10m
Utility of Money10m
Omission Bias10m
Answer Choice Explanations and Correct Answers for Week 1 Quiz10m
1 praktische Übung
Week 1 Quiz24m
Woche
23 Stunden zum Abschließen
Week 2
Welcome to the second week. In this session, we will discover how our minds are inclined to distort probabilities, and either underestimate or overestimate the likelihood of certain outcomes. We’ll also learn about “heuristic-driven bias”: the tendency to use rules of thumb that simplify the process of making decisions, but can also lead to predictable errors. These biases negatively affect our decision-making far more than we might expect; especially when the outcome of the decision has great significance for us.
8 Videos (Gesamt 63 min), 6 Lektüren, 1 Quiz
8 Videos
Probability Weighting4m
Relative Probabilities1m
The Availability Heuristic10m
Mental Accounting and Expenditures7m
Loss Aversion8m
Belief Perseverance and Confirmation Bias9m
Case Study: Belief Perseverance4m
6 Lektüren
Problems with Probability10m
Probability Weighting10m
The Availability Heuristic10m
Framing10m
Representativeness10m
Overconfidence10m
1 praktische Übung
Week 2 Quiz28m
Woche
31 Stunde zum Abschließen
Week 3
In the final week of the course, we will see multiple examples of how mental heuristics can lead us to make predictably sub-optimal financial decisions, both individually and across the entire financial markets. We will also discuss the many ways in which you can now improve your financial decision-making because of your deeper understanding of the innate biases that have tripped you up in the past!
2 Videos (Gesamt 8 min), 2 Lektüren, 1 Quiz
2 Lektüren
Money Management10m
Market Bubbles & Crashes10m
1 praktische Übung
Week 3 Quiz26m
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Top-Bewertungen
Great course! It allows to understand the twisted logic that run in our heads. Helps to establish the balance between probabilistic truth and illusions that infect our decision-making. Thanks a lot!
Insightfull short course on psychological background on investing. Recommend this course for any investment professional or amateur to learn about the most common pitfalls in investing
Dozent
Emma Rasiel
Associate Chair and ProfessorEconomics
Über Duke University
Duke University has about 13,000 undergraduate and graduate students and a world-class faculty helping to expand the frontiers of knowledge. The university has a strong commitment to applying knowledge in service to society, both near its North Carolina campus and around the world.
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Wie erfolgen Rückerstattungen?
Ist finanzielle Unterstützung möglich?
Will I receive a transcript from Duke University for completing this course?
No. Completion of a Coursera course does not earn you academic credit from Duke; therefore, Duke is not able to provide you with a university transcript. However, your electronic Certificate will be added to your Accomplishments page - from there, you can print your Certificate or add it to your LinkedIn profile.
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