Behavioral Economics meets real world challenges. A project rally (Plug-In Modul)

Course objective

This module offers participants from all backgrounds an overview of current issues in behavioral economics and their application to current societal or environmental challenges and gives them the opportunity to examine one topic in more detail. Emphasis is put on aspects of choice architecture, nudging/green nudges, herding, and further phenomena of behavioral economics and their application in a real world case.

In introductory sessions, the topic of the current project is presented, and the relevant behavioral economics basics and project management knowledge are imparted. Furthermore, we will touch on the basics of sustainability and shed light on areas of sustainability, e.g., circular economy, sustainable mobility, and customer-focused energy-efficient building.

In this module, students are encouraged to think outside the box, so design thinking principles are introduced to help students make use of different views to come up with creative solutions. Students develop a detailed project plan and apply principles and tools of behavioral economics to a real case. This semester´s case relates to daily customer behavior in a sports club (MTV München von 1879 e.V.) and possible behavioral interventions with a focus on a more sustainable lifestyle.

The student teams compete against each other, and at the end of the module, the most innovative project pitch is selected and honored by a jury of experts and the client. Furthermore, students will strengthen their soft skills. To reflect on these skills, team coaching and personal coaching are offered on a voluntary basis.

Topics

The seminar addresses the following issues:

• What do we understand by behavioral economics?
• What is sustainability, and what are the reasons behind sustainable actions?
• Incentives and nudging for sustainability - Using Behavioral Economics to foster sustainable behavior in a real-life context
• Basics of project management
• Aspects of design thinking
• Insights into customer-focused, energy-efficient building design, new concepts of mobility, and sustainability in sports/in the sports industry
• Soft skills development

Scientific readings will be recommended during the Kick-off meeting.

For those who are interested to first dive into the field of behavioral economics in advance, we recommend the following literature:

• Thaler, R.H; Sunstein, C.R. (2009): Nudge. Improving decisions about health, wealth, and happiness, New York
• Kahnemann, D. (2021): Thinking, fast and slow, London
• Kahnemann, D.; Tversky, A. (2000): Choices, Values, and Frames. Cambridge University Press (ed.), New York
• Ariely, D. (2010): Predictably Irrational. New York
• Thaler, R.H. (2015): Misbehaving. The making of Behavioral Economics. New York

Target Group & Application

This Plug-In Module is part of the newly established TUM Project Week and is open for Bachelor and Master students of all TUM schools and departments.

To apply for the Plug-In module, students have to send their application (one PDF via email) to martina.wayand@tum.de (until October 15).

The application should consist of an application letter (not more than 1 page) explaining the reasons for taking part in the seminar and the contributions the applicant can make to the project (based on personal background and study program). Additionally, a recent transcript of records and a CV is mandatory.

Application is still possible.

Examination

Participants are required to make the following contributions:

• Project proposal (50%)
• Project pitch (50%)
• Active participation in class is expected

The examination consists of a written project report consisting of a project proposal comprising a description of the relevant project planning steps and calculation of the expected costs, people, and time required, as well as meaningful use of behavioral economic instruments to innovatively bridge people´s attitude-behavior gap.

An oral pitch of the project proposal in front of the class, a jury of experts, and the client is also required.

Additionally, the project progress has to be reflected and presented within the project coaching sessions.

Timeline

The main elements of the modules are impulse lectures, interactive sessions, project coaching sessions, team coaching (as well as individual coaching sessions), the project week, a project pitch (team presentations), and a project report.

The Plug-In module takes place each Tuesday,6 to 8 pm, and consists of the following mandatory milestones (preliminary schedule):

Pls. note that some Tuesdays are supposed to provide time for the team´s individual project work and are not mandatory.

Further details on course organization will be provided during the kick-off session.

Places

Sessions will be held in class @TUM School of Management, @MTV München e.V., and via Zoom. Links will be provided in time.