Economics Department

Jason: There are more possible games of chess than there are atoms in the observable universe. We cannot possibly consider all the options.

The economic decisions we make every day, whether buying a coffee or buying a house, are even more complex. And like when we play chess, we are often able to make a functional decision.

We do this using heuristics, mental shortcuts that enable us to survive and thrive in a complex would. But we are often unaware of the real reasons why we’ve made a given decision and what may have influenced us in the process of making up our mind.

Elif: Behavioural economics is the discipline, merging the insights from psychology and the principles of economics to understand how people make decisions. It tells us why people sometimes make mistakes. Why sometimes people do not know what they want or why they fail to carry out their personal plans.

Jingjing: With the knowledge gained from behavioural economics. We can help people make better decisions for themselves. We can understand how people interact in groups and networks and how these social environments shape their values and behaviour.

Jason: We have launched a new Masters in Behavioural Economics at UTS. This program teaches the foundations of behavioural economics and how to apply them in the real world. UTS has an outstanding group of researchers in this area with extensive experience in industry and policy application.

Jingjing: A key aim of the program is to give you the practical skills to use behavioural economics in your professional life. You will learn to design and run trials to study how people behave in different situations.

Elif: You will learn behavioural principles and techniques in the context of practical, economic, and financial decisions, whether it is understanding how consumers choose complex banking products or how companies organize teamwork. This will give you a new grasp of the world around you and new skills to change it for the better.

Jason: Behavioural economics provides a set of skills in demand everywhere, from private companies to government bodies. Join us for a new journey.