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This subject introduces students to empirical research demonstrating economically important patterns of behaviour that violate standard rationality assumptions, and to theorectical research aimed at capturing these behavioural patterns in tractable models. Most of the semester will be devoted to behavioural aspects of individual decision making, such as temptation and present-biased preferences, prospect theory, reference-dependent preferences, and over-confidence. We will also cover happiness research and behavioural public economics. This subject can be profitably taken alongside ECON30022, which in addition to the design of experiments also covers behavioural aspects of strategic interaction.
Intended learning outcomes
On successful completion of this subject, students should be able to:
- Explain behavioural patterns uncovered in behavioural economics and how they relate to standard economics assumptions
- Explain formal models developed by behavioural economists to tractably capture such findings
- Evaluate the contribution of behavioural economics to economic knowledge
High level of development: written communication; application of theory to practice; critical thinking; synthesis of data and other information; evaluation of data and other information.
Moderate level of development: oral communication; problem solving; interpretation and analysis; accessing data and other information from a range of sources; receptiveness to alternative ideas.
Some level of development: collaborative learning; team work; statistical reasoning; use of computer software.
Last updated: 22 November 2023