Economics: Behavioural Economics Lab: Interactive Simulation Suite

The Behavioral Economics Lab is a dynamic and engaging web-based simulation that immerses students in the world of psychological biases and decision-making errors. It offers a suite of 12 interactive mini-experiments, each illustrating a different behavioural concept through realistic, scenario-based games. Students participate in real-time decision tasks and receive instant feedback and analysis on their choices.

After completing the Behavioral Economics Lab, students will be able to:

Cognitive Understanding

Identify and define key behavioural economic concepts (e.g., framing, anchoring, loss aversion).

Recognise how cognitive biases systematically deviate from rational decision-making models.

Application & Analysis

Apply theoretical knowledge to practical, real-life scenarios.

Analyse how different framing or default structures influence choice architecture.

Assess how biases can be exploited or mitigated in public policy, marketing, and personal finance.

Reflection & Evaluation

Reflect on their own decision-making processes and susceptibility to bias.

Evaluate the ethical implications of behavioural interventions (nudges) in various contexts.

Discuss how behavioural economics enhances traditional economic models.

Ideal For:

A-Level and economics students

Flipped learning and classroom experiments

Workshops on consumer behaviour, public policy, or behavioural finance