One of the key differences between traditional economics and behavioral economics is
the use of experiments to test theories. Your students have likely done many
science experiments, but have they ever done an economics experiment?
In the second of four Behavioral Economics Digital Lesson Bundles released by Econ Essentials titled “How We Are Affected by Preference,” students will explore
and experiment with two seemingly counter-intuitive human behaviors – loss
aversion and the endowment effect. Students will test why they feel greater
emotional impact when losing the big game, why they value losses more than
they do gains, or why they may overvalue what they already own.
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