Experimental and Behavioural Economics
| Code | School | Level | Credits | Semesters |
| ECON2043 | School of Economics | 2 | 10 | Autumn China |
- Code
- ECON2043
- School
- School of Economics
- Level
- 2
- Credits
- 10
- Semesters
- Autumn China
Summary
This module provides a foundation in behavioural economics and the role of experimental methods in economics. The traditional approach in economics is to explain market outcomes and economic decision-making using simple theoretical models based on perfectly rational, self-interested agents who maximise their well-being by carefully weighing up the costs and benefits of different alternatives. Behavioural economics, on the other hand, aspires to relax these stringent assumptions and develop an understanding of how real people actually make decisions. The module will introduce students to behavioural and experimental economics, discuss these fields from a methodological perspective and examine several areas of economic analysis in which they are applied. This will include individual choice under risk and uncertainty as well as decision-making in strategic situations.
Prerequisite: ECON1033 Introduction to Microeconomics or similar introductory microeconomics course.
Please note this module is assessed at the end of the Autumn semester. First sit/ Resit exams are scheduled normally in the summer and can take the same form as the missing/ failed component of the assessment (exam, essay etc.) or other form, as decided by the School.
Target Students
Year 3 Economics students
Classes
- One 1-hour seminar each week for 3 weeks
- Two 1-hour lectures each week for 10 weeks
Assessment
- 25% Project 1: Presentation and Group Essay (1500 words)
- 75% exam1 (1-hour-30-minute): 1.5 hour examination
Assessed by end of autumn semester
Educational Aims
The module aims:-To engender thinking about economics as an empirical science and what that entails.-To introduce students to attempts to relax conventional assumptions such as unlimited rationality and own-payoff maximisation.-To provide a foundation knowledge relating to the design and implementation of appropriate experimental tests of economic theories.-To engender presentation and communications skills.Learning Outcomes
Knowledge and Understanding
A4 Demonstrate understanding of verbal, graphical, mathematical and econometric representation of economic ideas and analysis, including the relationship between them.
A6 Extensive knowledge and skills in specific specialisms in economics.
Intellectual skills
B3 Be able to evaluate, analyse and present quantitative data.
Professional/Practical Skills
C3 Be familiar with differing approaches to analysing a given economic problem and the history and development of economic ideas.
Transferable/Key Skills
D2 Communicate effectively and clearly in written and oral formats.
D4 Show that they can work effectively in a team.
Conveners
- Dr Marcus Roel