Behavioral Design for Finance
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1. Welcome to the Course
🚀 Kickoff Call - Join a Live Event to Boost Your Learning Experience!
Hello! Welcome message from Kristen (2 min video)
Who Should Take This Course and Why it's Critical (6 min read)
Trivia Questions! (1 min read)
Thinking like a Behavioral Scientist (2 min read)
The Evolution of Economics to Behavioral Economics
Behavioral Science for Retirement Savings
End of Welcome Section
2. Foundational Concepts
Getting Tangible (6 min read)
Foundational Concepts (4 min video)
The Foundational Concepts of Behavioral Economics (4 min read)
Dan Ariely on What the Typical Approach to Behavior Change Gets Wrong (6 min video)
Why Financial Education Doesn't Work to Change Behavior (Podcast, tune in minutes 0:00-5:00)
End of Foundational Concepts Section
3. Behavioral Design
Example of Behavioral Design (3:30 min video)
What is Behavioral Design? (4 min read)
Small Nudges Can Improve How Students Apply to College.pdf (6 min read)
Don't Listen To Your Customers - Do This Instead (15:30 min video)
Exercises: What to Expect (1 min read)
✓ Attention Check Quiz!
End of Behavioral Design Section
Enjoying This?
4. Key Behavior
The 3B Framework Explainer (2 min read)
What's in store: Key Behavior and Behavioral Diagnosis. (3 min video)
3B Framework Overview (3 min video)
The 3B Framework Guide (3 min read)
The 1st B! Picking the Right Key Behavior (2 min read)
Systematic Safety: The Principles Behind Vision Zero (8 min video)
Vision Zero – Implementing a policy for traffic safety (optional: 17 min read)
🧠 Exercise 1: Key Behavior (3 min read + exercise)
🧠 Exercise 2: Key Behavior Quiz
🧠 Answers to Exercise 2: Key Behavior Quiz
End of Key Behavior Section
5. Behavioral Diagnosis
Behavioral Diagnosis Explainer (3 min read)
Behavioral Diagnosis Overview (1:40 min video)
Example: Behavioral Map of Budgeting (3 min read)
How to Make a Behavioral Map (2 min read)
Exercise: Behavioral Map (1 min read + exercise)
Exercise Sample for Behavioral Map (1:30 min read)
End of Behavioral Diagnosis Section
6. Identifying Barriers
⭐️ Exercise 3: Interactive Behavioral Diagnosis Homework (1 min read + exercise)
Template: Behavioral Diagnosis Deck
Dan Ariely: How to change your behavior for the better (watch minutes 3:30 to 6:50)
The 2nd “B” - Barriers (4 min read)
Easier isn't always better: When to make your sign up flow harder (7 min read)
Auto-Renewing Your Health Plan May Be Bad for You, and for Competition (4:30 min read)
🧠 Exercise 4: Identify Barriers (1 min read + exercise)
End of Identifying Barriers Section
✓ Attention Check Quiz!
7. Solving for Barriers
Taking a Microscope to your Flow (1 min video)
Solving for Barriers (5 min read)
Case Study: College Admissions (3 min read)
Defaults Are Not the Same by Default (7 min read)
🧠 Exercise 5: Reducing Barriers (3 min read + exercise)
End of Solving for Barriers Section
✓ Attention Check Quiz!
8. Barrier: Attention
Optional: Summary of the most famous attention experiment (12 min read)
Attention (5 min read)
Person Swap (4:47 min video)
The Attention Toolkit (5 min read)
The Deadline Made Me Do It (6 min read)
Account for the Irrational (24 min video)
🧠 Exercise 6: Apply the Attention Toolkit (1 min read + exercise)
End of Barrier: Attention Section
✓Attention Check Quiz!
9. Barriers: Endowment & Loss
Let's go! (30 sec read)
What's in store: Endowment and Loss Aversion (2 min video)
Anomalies The Endowment Effect, Loss Aversion, and Status Quo Bias (26 min read)
The “IKEA Effect”: When Labor Leads to Love (27 min read)
The Latest on Loss Aversion (3 min read)
Endowment and Loss Aversion (3:52 min video)
Podcast: Take that Deal! (43 min podcast)
🧠 Exercise 7: Applying Endowment (4 min read + exercise)
End of Barrier: Endowment & Loss Section
✓ Attention Check Quiz!
10. Amplifying Benefits
Seinfeld - Night Guy, Morning Guy, Day Guy (1:19 min video)
How Seinfeld teaches us the 3rd "B" - Benefits (3 min read)
Doing the Right Thing for the Wrong Reasons (3 min read)
Article: How Prizes Motivate Savings (8 minute read)
Book Summary: Influence (24 min read)
🧠 Exercise 8: Where in the Matrix? (30 sec read + exercise)
Answers to Exercise 1 (1 min read)
🧠 Exercise 9: Start Amplifying Benefits! (30 sec read + exercise)
End of Amplifying Benefits Section
11. Benefit: Concreteness
What's in store: Concreteness and Social Proof (4:30 min video)
Concreteness: Word Choice, Images, Emotions (5 min read)
The Intention-Action Gap (1:30 min read)
Beyond good intentions: Prompting people to make plans improves follow-through on important tasks (20 min read)
🧠 Exercise 10: Intent Language (3 min read)
🧠 Exercise 11: Applying Concreteness (3 min read + exercise)
End of Benefit: Concreteness Section
✓ Attention Check Quiz!
12. Benefit: Social Norms
Social Norms (5 min read)
Social Proof, Authority, and the Mona Lisa (6 min read)
Everybody's Doing It (2:30 min video)
Case Study: Social Norms to Increase Tax Compliance (30 sec read)
Rules of Thumb for Social Proof (1 min read)
🧠 Exercise 12: Social Proof (2:30 min read + exercise)
End of Benefit: Social Norms Section
13. Benefit: Incentives
What's in Store: Pricing and Incentives (3:10 min video)
When to Use Money (and When Not To) (3:25 min video)
4 Types of Incentives (2 min read)
The Power of Non-Monetary Incentives (3 min read)
How to Drive Savings with Non-Monetary Incentives (3:43 min video)
Top Incentive Mistakes, and How to Avoid Them (6 min read)
Podcast: Mixed Signals - How Incentives Really Work (54 min podcast)
🧠 Exercise 13: Applying Incentives (30 sec read)
🧠 Exercise 14: Incentives Quiz
Explanations for Exercise 2 Answers (2 min read)
End of Benefit: Incentives Section
14. The Psychology of Pricing
Introduction to Pricing (1 min read)
Context is Everything (5 min read)
Dan Ariely on Relativity (17 min read)
Pricing: Relativity (4 min read)
Pricing: Fairness (6 min read)
Pricing: Pain of Paying (3:30 min read)
Pricing: Emotion (1:40 min read)
Behavioral Science Tricks that Companies Use to Get you to Buy More (3:30 min read)
The Anchoring Experiment (3:30 min read)
Conclusion: Back to JCPenny... (1:30 min read)
🧠 Exercise 15: Psychology of Pricing (1:30 min read)
End of Psychology of Pricing Section
15. Special Topics in Behavioral Finance
What's in store: Special Topics in Consumer Finance (30 second read)
Mental Accounting (3 min read)
Why Budgeting Doesn't Work (3 min read)
Behavioral Lit Review: Savings (10 min read)
Opportunity Cost (2 min video)
Pre-Commitment and Commitment Devices (4 min read)
Investment Behavior (3 min read)
Behavioral Economics for Financial Markets & Regulation (20 min read)
16. Experimentation
What's in store: Experimentation and closing (2:40 sec video)
Top 3 Experimental Mistakes (1:30 min read)
The 8 Steps to Designing an Experiment (3:30 min read)
Hear from Others! Common Experiment Mistakes from Top Behavioral Scientists (3:42 sec video)
Which Experiment to Start First? (3 min read)
Get Stakeholder Buy-in for Experiments (4:41 min video)
Guide to Designing Experiments
Building a Culture of Experimentation (optional: 20 min read)
🧠 Exercise 16: Design an Experiment (Template linked) (30 sec read + 18 min video + exercise)
2 Research Tools You Can Use in Your Work (1 min read)
MTurk Guide.pdf (5 min read)
Mechanical Turk: The New Face of Behavioral Science? (14 min read)
Survey Writing 101.pdf (4 min read)
Lit Review Guide.pdf (5 min read)
End of Experimentation Section
17. Becoming a Behavioral Designer
Move Over Product Manager, Introducing the Behavioral Product Manager (10 min read)
In Conclusion (2 min read)
The Nudge Debate (4 min read)
More to Behavioral Economics Than Biases and Fallacies (16 min read)
Knowledge Test
Behavioral Economics Principles List.pdf
Behavioral Economics Cheat Sheet.pdf
BE Reading List
Summing it all Up
How to Advance your Behavioral Science Knowledge Without a PhD (7 min read)
Exercise: Reflections & Next Steps
End of Course Survey, a Gift & Next Steps!
Bring Behavioral Science to your team
Don't be a stranger
Products
Course
Section
Lesson
Answers to Exercise 1 (1 min read)
Answers to Exercise 1 (1 min read)
Behavioral Design for Finance
Buy now
Learn more
1. Welcome to the Course
🚀 Kickoff Call - Join a Live Event to Boost Your Learning Experience!
Hello! Welcome message from Kristen (2 min video)
Who Should Take This Course and Why it's Critical (6 min read)
Trivia Questions! (1 min read)
Thinking like a Behavioral Scientist (2 min read)
The Evolution of Economics to Behavioral Economics
Behavioral Science for Retirement Savings
End of Welcome Section
2. Foundational Concepts
Getting Tangible (6 min read)
Foundational Concepts (4 min video)
The Foundational Concepts of Behavioral Economics (4 min read)
Dan Ariely on What the Typical Approach to Behavior Change Gets Wrong (6 min video)
Why Financial Education Doesn't Work to Change Behavior (Podcast, tune in minutes 0:00-5:00)
End of Foundational Concepts Section
3. Behavioral Design
Example of Behavioral Design (3:30 min video)
What is Behavioral Design? (4 min read)
Small Nudges Can Improve How Students Apply to College.pdf (6 min read)
Don't Listen To Your Customers - Do This Instead (15:30 min video)
Exercises: What to Expect (1 min read)
✓ Attention Check Quiz!
End of Behavioral Design Section
Enjoying This?
4. Key Behavior
The 3B Framework Explainer (2 min read)
What's in store: Key Behavior and Behavioral Diagnosis. (3 min video)
3B Framework Overview (3 min video)
The 3B Framework Guide (3 min read)
The 1st B! Picking the Right Key Behavior (2 min read)
Systematic Safety: The Principles Behind Vision Zero (8 min video)
Vision Zero – Implementing a policy for traffic safety (optional: 17 min read)
🧠 Exercise 1: Key Behavior (3 min read + exercise)
🧠 Exercise 2: Key Behavior Quiz
🧠 Answers to Exercise 2: Key Behavior Quiz
End of Key Behavior Section
5. Behavioral Diagnosis
Behavioral Diagnosis Explainer (3 min read)
Behavioral Diagnosis Overview (1:40 min video)
Example: Behavioral Map of Budgeting (3 min read)
How to Make a Behavioral Map (2 min read)
Exercise: Behavioral Map (1 min read + exercise)
Exercise Sample for Behavioral Map (1:30 min read)
End of Behavioral Diagnosis Section
6. Identifying Barriers
⭐️ Exercise 3: Interactive Behavioral Diagnosis Homework (1 min read + exercise)
Template: Behavioral Diagnosis Deck
Dan Ariely: How to change your behavior for the better (watch minutes 3:30 to 6:50)
The 2nd “B” - Barriers (4 min read)
Easier isn't always better: When to make your sign up flow harder (7 min read)
Auto-Renewing Your Health Plan May Be Bad for You, and for Competition (4:30 min read)
🧠 Exercise 4: Identify Barriers (1 min read + exercise)
End of Identifying Barriers Section
✓ Attention Check Quiz!
7. Solving for Barriers
Taking a Microscope to your Flow (1 min video)
Solving for Barriers (5 min read)
Case Study: College Admissions (3 min read)
Defaults Are Not the Same by Default (7 min read)
🧠 Exercise 5: Reducing Barriers (3 min read + exercise)
End of Solving for Barriers Section
✓ Attention Check Quiz!
8. Barrier: Attention
Optional: Summary of the most famous attention experiment (12 min read)
Attention (5 min read)
Person Swap (4:47 min video)
The Attention Toolkit (5 min read)
The Deadline Made Me Do It (6 min read)
Account for the Irrational (24 min video)
🧠 Exercise 6: Apply the Attention Toolkit (1 min read + exercise)
End of Barrier: Attention Section
✓Attention Check Quiz!
9. Barriers: Endowment & Loss
Let's go! (30 sec read)
What's in store: Endowment and Loss Aversion (2 min video)
Anomalies The Endowment Effect, Loss Aversion, and Status Quo Bias (26 min read)
The “IKEA Effect”: When Labor Leads to Love (27 min read)
The Latest on Loss Aversion (3 min read)
Endowment and Loss Aversion (3:52 min video)
Podcast: Take that Deal! (43 min podcast)
🧠 Exercise 7: Applying Endowment (4 min read + exercise)
End of Barrier: Endowment & Loss Section
✓ Attention Check Quiz!
10. Amplifying Benefits
Seinfeld - Night Guy, Morning Guy, Day Guy (1:19 min video)
How Seinfeld teaches us the 3rd "B" - Benefits (3 min read)
Doing the Right Thing for the Wrong Reasons (3 min read)
Article: How Prizes Motivate Savings (8 minute read)
Book Summary: Influence (24 min read)
🧠 Exercise 8: Where in the Matrix? (30 sec read + exercise)
Answers to Exercise 1 (1 min read)
🧠 Exercise 9: Start Amplifying Benefits! (30 sec read + exercise)
End of Amplifying Benefits Section
11. Benefit: Concreteness
What's in store: Concreteness and Social Proof (4:30 min video)
Concreteness: Word Choice, Images, Emotions (5 min read)
The Intention-Action Gap (1:30 min read)
Beyond good intentions: Prompting people to make plans improves follow-through on important tasks (20 min read)
🧠 Exercise 10: Intent Language (3 min read)
🧠 Exercise 11: Applying Concreteness (3 min read + exercise)
End of Benefit: Concreteness Section
✓ Attention Check Quiz!
12. Benefit: Social Norms
Social Norms (5 min read)
Social Proof, Authority, and the Mona Lisa (6 min read)
Everybody's Doing It (2:30 min video)
Case Study: Social Norms to Increase Tax Compliance (30 sec read)
Rules of Thumb for Social Proof (1 min read)
🧠 Exercise 12: Social Proof (2:30 min read + exercise)
End of Benefit: Social Norms Section
13. Benefit: Incentives
What's in Store: Pricing and Incentives (3:10 min video)
When to Use Money (and When Not To) (3:25 min video)
4 Types of Incentives (2 min read)
The Power of Non-Monetary Incentives (3 min read)
How to Drive Savings with Non-Monetary Incentives (3:43 min video)
Top Incentive Mistakes, and How to Avoid Them (6 min read)
Podcast: Mixed Signals - How Incentives Really Work (54 min podcast)
🧠 Exercise 13: Applying Incentives (30 sec read)
🧠 Exercise 14: Incentives Quiz
Explanations for Exercise 2 Answers (2 min read)
End of Benefit: Incentives Section
14. The Psychology of Pricing
Introduction to Pricing (1 min read)
Context is Everything (5 min read)
Dan Ariely on Relativity (17 min read)
Pricing: Relativity (4 min read)
Pricing: Fairness (6 min read)
Pricing: Pain of Paying (3:30 min read)
Pricing: Emotion (1:40 min read)
Behavioral Science Tricks that Companies Use to Get you to Buy More (3:30 min read)
The Anchoring Experiment (3:30 min read)
Conclusion: Back to JCPenny... (1:30 min read)
🧠 Exercise 15: Psychology of Pricing (1:30 min read)
End of Psychology of Pricing Section
15. Special Topics in Behavioral Finance
What's in store: Special Topics in Consumer Finance (30 second read)
Mental Accounting (3 min read)
Why Budgeting Doesn't Work (3 min read)
Behavioral Lit Review: Savings (10 min read)
Opportunity Cost (2 min video)
Pre-Commitment and Commitment Devices (4 min read)
Investment Behavior (3 min read)
Behavioral Economics for Financial Markets & Regulation (20 min read)
16. Experimentation
What's in store: Experimentation and closing (2:40 sec video)
Top 3 Experimental Mistakes (1:30 min read)
The 8 Steps to Designing an Experiment (3:30 min read)
Hear from Others! Common Experiment Mistakes from Top Behavioral Scientists (3:42 sec video)
Which Experiment to Start First? (3 min read)
Get Stakeholder Buy-in for Experiments (4:41 min video)
Guide to Designing Experiments
Building a Culture of Experimentation (optional: 20 min read)
🧠 Exercise 16: Design an Experiment (Template linked) (30 sec read + 18 min video + exercise)
2 Research Tools You Can Use in Your Work (1 min read)
MTurk Guide.pdf (5 min read)
Mechanical Turk: The New Face of Behavioral Science? (14 min read)
Survey Writing 101.pdf (4 min read)
Lit Review Guide.pdf (5 min read)
End of Experimentation Section
17. Becoming a Behavioral Designer
Move Over Product Manager, Introducing the Behavioral Product Manager (10 min read)
In Conclusion (2 min read)
The Nudge Debate (4 min read)
More to Behavioral Economics Than Biases and Fallacies (16 min read)
Knowledge Test
Behavioral Economics Principles List.pdf
Behavioral Economics Cheat Sheet.pdf
BE Reading List
Summing it all Up
How to Advance your Behavioral Science Knowledge Without a PhD (7 min read)
Exercise: Reflections & Next Steps
End of Course Survey, a Gift & Next Steps!
Bring Behavioral Science to your team
Don't be a stranger
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