What’s Your Level? (Level-k Theory Explained)

4 min read

Imagine a classroom filled with approximately 30 students. The class is a lecture on neuroeconomics, the students are all behavioural scientists or behavioural economists. Our lecturer (also a neuroeconomist) suddenly turns around and proposed we play a little game. Tension in the room rises. People look at each other either excitedly or warily. “Let’s play the beauty contest.” Now don’t think my neuroeconomics lecturer is some type of creep. The beauty contest has nothing to do with the actual looks of its participants when being played nowadays. Let me explain. The beauty contest is a concept developed by John Maynard…...

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Merle van den Akker Merle van den Akker is a PhD student in Behavioural Science, at the Warwick Business School. She studies the effect different payment methods, especially contactless and mobile methods, have on how e manage our personal finances. In her "free" time she writes articles on personal finance, behavioural science, behavioural finance and life as a PhD student, these are all published on Money on the Mind. With DDI, she writes on personal and behavioural finance, to ensure that knowledge from academia trickles into the mainsteam, and can help as many people as possible!