Applying behavioural economics in education: study of undergraduate practices of selecting higher educational institutions

¹ EKA University of Applied Sciences, Latvia
² Turiba University, Latvia

^* Corresponding author: velga.vevere@gmail.com

Abstract

Behavioural economics have become hot topic in research and debate in last few decades. In the context of behavioural economics, it is possible to summarize resemblances and create a system based on predication and regularities of errors, by analysing consumer’s behaviour, which allows to solve issues of future process development. In paper “Applying behavioural economics in education: study of undergraduate practices of selecting educational institutions” the authors identify key factors which influence undergraduates to choose higher education institution. The purpose of this paper is therefore to identify key elements of the behavioural economics that can be used to influence undergraduate selection development in favour of higher education institution. Additionally, within the framework of the study are applied insights of behaviour economics, which help guidance general understanding of undergraduate decision making. Particularly focusing on heuristics, that undergraduates are using to ease the complexity of decision making, which can lead to systematic errors and bias. This study per se synopsizes the definite findings of developing behavioural economics, which allows to apply this knowledge to study undergraduate choice in selecting higher educational institution. In this study were used numerous methods, including literature review, interviews with representatives of higher education and behavioural economics experts and surveying undergraduates.