Top 10 MSc Progams in Behavioral Economics
Behavioral economics is the science of how and why people make decisions. It involves studying what truly motivates people to make decisions as consumers as well as the biases that affect our habits.
And its successful deployment in companies from Google and Facebook to the World Bank, which have all used behavioral economics to solve their business challenges, has convinced business schools to offer specialists master’s degrees in the subject.
Schools and businesses see the potential of behavioral economics — also known as nudge theory — to create a positive impact in society; it has already been used to increase organ donations, improve savings for retirement, foster environmentally friendly behaviors, and motivate healthier food choices.
There is also a dark side to nudge theory, though, as nudging can also be used to manipulate people in negative ways. But ultimately, these MSc programs are about finding ways to improve people’s decision making in a way that benefits customers while also boosting a company’s bottom line.
Graduates get hired by central banks, think-tanks, financial institutions, and regulatory bodies, while others go on to pursue PhDs and launch academic careers.
Warwick Business School in the UK offers the MSc Behavioral and Economic Science program. It is a multidisciplinary course, delivered by the business school in conjunction with the University of Warwick’s Department of Psychology and Department of Economics. The program focuses on the theoretical foundations and real-world application of nudge theory, and the cognitive science of judgement and decision making.
View School ProfileUC San Diego’s Rady School of Management offers a Behavioral Economics module that is open to master’s students on a range of degree programs at the US institution. They learn how to apply insights from psychology and behavioral economics in a business setting. Ultimately, they will be able to design better products and customer experiences, and launch more effective pricing and marketing strategies.
View School ProfileThe MSc Behavioral Science is offered by the London School of Economics, one of the world’s leading academic institutions based in the UK capital. Students on this program learn the skills and competencies they need to understand, predict, and change human behavior, which LSE sees as being essential to their professional success.
View School ProfileThe Amsterdam School of Economics in the Netherlands runs the Behavioral Economics and Game Theory course for masters students on various management courses. In this module, students learn about the psychological, social and strategic considerations of economic behavior, as well as the way in which we frame our problems determines our decisions.
View School ProfileThe MSc Behavioral Economics is put on by City University’s Bayes Business School (formerly Cass) in London. Students discuss the ethical and unethical applications of nudge theory, in order to instill a sensitivity to these issues and how to avoid them. This is reinforced by the need to adhere to ethical standards during the research dissertation, an independent piece of research undertaken by each student.
View School ProfileUSC Marshall School of Business in California offers master’s students the chance to take a Behavioral Economics track with USC’s Department of Economics. The modules have been designed for students who wish to focus on human behavior while also having access to rigorous academic training in traditional economics and econometric methods. Graduates go on to work at companies such as Microsoft, Google and BCG.
View School ProfileTilburg School of Economics and Management is one of Europe’s top schools in the field of behavioral economics. And it offers a Behavioral Economics track in its MSc Economics program. Students learn to address economic problems and questions involving people’s behavior, taking both the economics and the psychology into account, as well as the ways that decisions can be affected by policies and strategies.
View School ProfileThe MSc in Behavioral Economics is offered by UCD Michael Smurfit Graduate Business School in Dublin, Ireland. The course equips students with knowledge on human decision-making which can be applied in academic, business, and policy settings. Graduates get hired by central banks, think-tanks, financial institutions, and regulatory bodies.
View School ProfileThe UK’s Durham University Business School has its MSc Behavioral Science program. The course provides students with an understanding of factors that impact behavior, including the role of ‘nudging’ in driving change. It also gives students the research and analytical skills they need to assess business problems from a behavioral perspective.
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