Educational resources for self-learners
Lecture 19: Defaults, Nudges, and Frames
An MIT OpenCourseWare lecture exploring the principles of defaults, nudges, and frames within the context of psychology and economics, with applications to policy and design.
Cognitive Biases: Reference Dependence and Loss Aversion
A ~5-minute video explaining how reference dependence and loss aversion are cognitive biases that cause us to deviate from rational economic models, with real-world examples. Features Dr. Laurie Santos of Yale University.
System 1 & System 2: Why Do We Make Irrational Decisions (Cognitive Biases In A Nutshell)
A concise video explaining Kahneman and Tversky's System 1 and System 2 thinking and how they influence decision-making and cognitive biases, with a full transcript available.
Prospect Theory: Evaluating Risk and Loss Aversion in Business
An article from Ninety.io's Founders Framework on applying prospect theory to business strategies like pricing, marketing, and incentives for better decision-making and customer retention.
Academic Research in Action: Loss Aversion and Incentive Design
A synthesis of research on how loss aversion influences incentive and loyalty program design, with practical recommendations for retention strategies.
Loss Aversion - S2:E2: My Retirement Podcast with Brendan Halligan
Expert interview with Dr. Greg Davies on Prospect Theory and loss aversion. Learn why losses feel twice as impactful as gains, with real-world examples applicable to startup fundraising, investor psychology, and loyalty systems.
Lecture 8: Risk Preferences II | Psychology and Economics | Economics | MIT OpenCourseWare
This lecture continues the discussion of risk preferences, and delves into reference-dependent preferences, an alternative model to expected utility.
Behavioral Finance
Duke University's course on Behavioral Finance, covering biases and decision-making.
Loss Aversion: Why We Hate to Lose
An animated explanation of loss aversion, a key concept in behavioral economics.
Behavioral Economics - Loss Aversion and the Value Function
This video explains Loss Aversion and the Value Function within Prospect Theory, illustrating why losses loom larger than gains and discussing applications related to perceived value and status degradation.
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