Experimental and Behavioural Economics
| Code | School | Level | Credits | Semesters |
| ECON2011 | Economics | 2 | 10 | Autumn UK |
- Code
- ECON2011
- School
- Economics
- Level
- 2
- Credits
- 10
- Semesters
- Autumn UK
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.
Target Students
Available for Year 2 Undergraduate students on the Economics degree programmes studying ECON2001 Microeconomic Theory or ECON2017 Principles of Microeconomics. Available for Year 2 Undergraduate students on the BA Jt Hons Politics and Economics and BSc Jt Hons Maths and Economics degrees. Also available to Economics exchange students.
Co-requisites
Modules you must take in the same academic year, or have taken in a previous year, to enrol in this module:
Classes
This module is delivered through a series of lectures and tutorials.
Assessment
- 100% Exam 1 (2-hour): Exam
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.The module aims to enable the participants to develop: reflection of understanding of material through formative feedback.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.