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Experimental Economics (ECON30022)

Undergraduate level 3Points: 12.5On Campus (Parkville)

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Overview

Availability
Semester 2
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Experimental Economics is a branch of economics that uses controlled experiments to evaluate theories and behavioural assumptions, as well as to test policies and their implementation. The subject will introduce students to experimental methods as applied in economics and present key findings from laboratory and field experiments. The first lecture in most weeks will be devoted to running experiments where students will experience different economic situations. The second lecture will present the theories underlying the experimental games and will use the experimental data from the first lecture (as well as other experimental data) as a vehicle for discussion. By comparing actual individual behaviour to the theoretical predictions, the course aims to provide a deep understanding of individual behaviour and how economic science progresses. Topics that will be covered may include risk, time, and social preferences, trading in a variety of markets such as auction and markets with price controls and for trading long-lived assets, voluntary provision of public goods and cooperation enforcement, social norms and behavioural game theory.

Intended learning outcomes

On successful completion of this subject, students should be able to:

  • Utilise laboratory experiments as a method for empirical investigation
  • Identify alternative approaches to analysing economic problems
  • Evaluate the predictive power of different economic theories
  • Demonstrate a comprehensive understanding of the topics covered through being exposed to the problem at hand

Generic skills

  • High level of development: oral communication; written communication; application of theory to practice; interpretation and analysis; critical thinking; synthesis of data and other information; evaluation of data and other information; use of computer software; receptiveness to alternative ideas.
  • Moderate level of development: collaborative learning; problem solving; team work; statistical reasoning; accessing data and other information from a range of sources.

Last updated: 7 September 2023

Eligibility and requirements

Prerequisites

Code Name Teaching period Credit Points
ECON20002 Intermediate Microeconomics
Semester 1 (On Campus - Parkville)
Summer Term (On Campus - Parkville)
 12.5

Corequisites

None

Non-allowed subjects

None

Recommended background knowledge

Please refer to Prerequisites and Corequisites.

Inherent requirements (core participation requirements)

The University of Melbourne is committed to providing students with reasonable adjustments to assessment and participation under the Disability Standards for Education (2005), and the Assessment and Results Policy (MPF1326). Students are expected to meet the core participation requirements for their course. These can be viewed under Entry and Participation Requirements for the course outlines in the Handbook.

Further details on how to seek academic adjustments can be found on the Student Equity and Disability Support website: http://services.unimelb.edu.au/student-equity/home

Last updated: 7 September 2023

Assessment

DescriptionTimingPercentage

Assignment 1

  • 1000 words
Week 610%

Presentation of a recent paper using controlled experiments (in groups of 3-4 students)

  • 25 minutes
Week 920%

Assignment 2

  • 1000 words
Week 1210%

End-of-semester examination

  • 2 hours
Hurdle requirement: To pass this subject, students must pass the end-of-semester exam		During the examination period60%

Last updated: 7 September 2023

Dates & times

  • Semester 2
    Principal coordinatorLaura Liu
    Mode of deliveryOn Campus (Parkville)
    Contact hoursThree hours of lectures and practical sessions per week
    Total time commitment170 hours
    Teaching period24 July 2023 to 22 October 2023
    Last self-enrol date 4 August 2023
    Census date31 August 2023
    Last date to withdraw without fail22 September 2023
    Assessment period ends17 November 2023

    Semester 2 contact information

    Laura Liu: yang.liu@unimelb.edu.au

Time commitment details

170 Hours

What do these dates mean

Visit this webpage to find out about these key dates, including how they impact on:

  • Your tuition fees, academic transcript and statements.
  • And for Commonwealth Supported students, your:
    - Student Learning Entitlement. This applies to all students enrolled in a Commonwealth Supported Place (CSP).
    - Completion rate. Students who started their course from 2022 and are in a CSP or receiving a HELP Loan (eg FEE-HELP) must meet the completion rate to continue to receive Commonwealth Support for that course.

Subjects withdrawn after the census date (including up to the ‘last day to withdraw without fail’) count toward the Student Learning Entitlement, and as a fail toward the completion rate, unless there are approved ‘special circumstances’.

Last updated: 7 September 2023

Further information

Last updated: 7 September 2023