|Degree:||Bachelor of Business Administration (BBA)|
|University website:||Business Administration, concentration in: Behavioral Economics|
Behavioral Economics is a field of study that draws from Economics and Psychology to explain how and why people behave in the real world. Behavioral Economics analyzes the ways in which humans make decisions, the psychology behind decision-making, and how this affects consumer behavior and consumption.
This can be distinguished from traditional economics, where people are treated as purely rational actors who have perfect self-control and laser-like focus on their long-term goals. Conversely, Behavioral Economics examines the instincts, biases, emotions and cognitive heuristics which contribute to the decisions that people actually make, rather than the decisions that classical economics predict. Students who study a Bachelor of Business Administration with a concentration in Behavioral Economics at the University of New York in Prague will learn to use techniques and information from the field of psychology to consider people as actors who are subject to impulsivity and emotion, influenced by their respective circumstances and backgrounds.
Studying Behavioral Economics will give students skills and background knowledge that they can adapt to future careers in a diverse range of fields. Corporations, NGOs and governments increasingly use behavioral economics to shape their policies, and the theories have been applied to business, law enforcement, politics, and socio-cultural dynamics. Behavioral economists can be found working as government consultants nudging citizens to make better choices, as corporate strategists plotting out better ways to negotiate, or in finance designing better portfolios. If humans do it, behavioral economists can improve it.
There are two paths for students studying a Behavioral Economics concentration within a Business Administration degree.