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Behavioral Economics Explained

Unlock the fascinating world of Behavioral Economics in our latest video, "Unlocking Behavioral Economics: Why We Make Weird Choices!" 🎉 Join us as we explore how psychology influences our everyday decisions, from impulse buys to risk-averse choices. In this engaging journey, we'll dive into concepts like Bounded Rationality, Prospect Theory, and Nudges, revealing why we often stray from rationality. Learn how small changes in our environment can lead to better choices and discover practical tips to enhance your decision-making skills. If you find this topic intriguing, don't forget to give us a thumbs up and share your insights in the comments! #BehavioralEconomics #DecisionMaking #Psychology #Economics #Nudges #Satisficing #ProspectTheory OUTLINE: 00:00:00 Opening Scene 00:00:20 Host Introduction 00:00:45 The Big Idea – Why Behavioral Economics? 00:01:10 Bounded Rationality – Why Our Brain Takes Shortcuts 00:01:55 Prospect Theory – Why Loss Hurts More Than Gain 00:02:27 Nudges – The Invisible Forces Shaping Behavior 00:02:54 Behavioral Economics in Action 00:03:29 Why It Matters