Business Program

Behavioral Economics: Understanding Everyday Decisions Through Data

Faculty Advisor: Development economist; PhD, University of Tokyo

Research Program Introduction

How do people make decisions every day? Every choice, from why your friends buy trendy $50 chocolates to why sports fans stay loyal to losing teams, can be understood through the lens of economics. This practicum treats the entire world as a market, offering a liberating perspective that allows you to study any consumer behavior you care about. 

Students will conduct original research using data from their own lives, including social media circles, school clubs, and local communities. Students will learn to design surveys, interview peers, and master essential analytical tools like basic statistics and regression analysis. By the end of the program, each student will have produced a novel paper analyzing the real behavioral patterns that shape their daily life.

Standard of Assessment

To excel, students must:

  • Care enough about their questions to do the homework.

  • Design and deploy a survey that collects 100+ quality responses

  • Meet all data collection milestones between sessions, not just showing up to meetings.

  • Connect findings to clear reasoning and produce novel insights rather than confirming obvious patterns.

Final Deliverables

Each student will write a final paper that will be approximately 6-10 pages, well-structured, properly cited and formatted, featuring original data collection and analysis, suitable for submission to youth research conferences (IYRC, JSHS) or academic journals.

Possible Topics For Final Project:

  • Why do people buy Dubai chocolate or Labubu toys when they know it's overpriced?

  • How does your For You Page algorithm shape what you think is normal or what you want to buy?

  • Why do fans stay loyal to losing teams?

  • Do your friends' purchases influence yours? Studying spending patterns in gaming, fashion, and entertainment

  • How much practice is enough? Studying time allocation and skill improvement in competitive activities

  • Thrifting as sustainability vs. thrifting as gentrification - who gets priced out?

  • Other topics approved by the Faculty Advisor

Program Detail

  • Cohort size: 3 to 6 students

  • Workload: Around 4 to 5 hours per week (including session and homework time)

  • Target students: 9-12th grade students who are interested in economics, business, marketing, psychology, data science, public policy, or any non-STEM students who want to explore data-driven work.

  • Required Materials:

    • Laptop with internet access

    • Google account (for Forms and Sheets)

    • Access to survey population (team, club, school, community)

    • Optional: STATA (free student version) or Excel or Gretl

    • Provided: Example papers, survey templates, Wooldridge textbook chapters (PDF)

  • Pre-requisites: Students need to have a basic algebra understanding and active involvement in at least one extracurricular activity or community. Ability to commit to data collection between sessions is a must. No prior economics or statistics coursework required.