Reference Dependence—It’s All Relative
Lecture no. 3 from the course: Behavioral Economics: When Psychology and Economics Collide
Taught by Professor Scott Huettel | 28 min | Categories: The Great Courses Plus Online Economics & Finance Courses
The element of “value” lies at the heart of decision making. Explore the nature of value and the roles of both pleasure and “benefit” in human choices. Then study the neurobiology of decision making and the ways in which the neurotransmitter dopamine creates expectations and activates reward seeking or “wanting,” an integral factor in our behavior.