Problem
Apply relevant behavioral economics theories and concepts to a specific practical problem that an organization of own choice (either in the private or public sector) is facing. Show how these theories and concepts explain or predict the human behavior and decision making involved in the problem. What solutions would suggest based on one analysis? How would one verify whether one solution is appropriate?
Here are the steps suggest following to address the above:
I. Pick an organization and identify a particular problem they want to address. The problem needs to be appropriate to behavioral economics, i.e. its theories, concepts and methods.
II. After identifying and explaining the problem, consult the behavioral economics theories and concepts one have learned and apply the relevant one(s) to make sense of the problem. Can these explain or predict the behavior of people involved in the problem?
III. After this analysis, one should be in a position to suggest appropriate solutions that the organization can implement to solve the problem.
IV. Finally, briefly comment on how a consultant (like oneself) may go about testing whether the proposed solutions would work in practice.