Поведенческая экономика

Бакалавриат 2023/2024

Статус: Курс по выбору (Экономика)

Направление: 38.03.01. Экономика

Кто читает: Департамент теоретической экономики

Где читается: Факультет экономических наук

Когда читается: 4-й курс, 3 модуль

Формат изучения: без онлайн-курса

Охват аудитории: для своего кампуса

Преподаватели: Саху Собхагья

Язык: английский

Кредиты: 3

Контактные часы: 40

Full Syllabus

Abstract

While traditional microeconomics assumes rationality in human behavior, reality often deviates from this assumption. Humans frequently demonstrate psychological biases in their economic choices. This advanced elective course aims to delve into these biases, offering a comprehensive exploration of contemporary behavioral models that explain this 'irrationality'. The focus is on applying these models to understand the economic decisions of individuals, particularly in developing countries. The course unfolds in three segments: first, it presents a broad spectrum of findings from behavioral economics to illustrate real-world economic decision-making; second, it equips students with theoretical frameworks and modeling techniques to analyze these biases; and third, it introduces the emerging domain of 'behavioral' development economics.

Learning Objectives

Understand key concepts and theories in Behavioral Economics.
Analyze how psychological factors impact economic decision-making.
Apply Behavioral Economics theories to real-world economic problems.
Develop critical thinking skills in the context of economic behavior.

Expected Learning Outcomes

Inconsistencies in rational choice model
Bounded Rationality
Heuristics and Biases
Mental Accounting
Prospect Theory
Expected Utility Theory
Puzzles for Expected Utility Theory
Expectations-Based Reference Points
Correlation vs. causation
Behavioral development economics

Course Contents

Introduction
Role of context in choice
Beliefs and Expectations
Choice under Risk and Uncertainty
Causal Inference & RCT
Applications to Development Economics

Assessment Elements

Group presentation
Each group, consisting of three students, will select a specific paper in behavioral & experimental economics and present it in class. The 20-minute presentation should include (1) an overview of the relevant literature, and (2) a detailed discussion of the chosen paper, including its main idea, experimental design (if any), and key findings. You need to email your presentation slides as soon as your presentation is over. Assignment of the paper: By 11:59 PM on February 5th, 2024 (Monday), students are required to select a paper and communicate their choice over the google sheet shared below. Students should make sure that they do not select same paper for presentation and they should refer the google sheet while selecting the paper. The selected papers cannot be changed after the above mentioned deadline. Presentations will start from 19th February 2023. Link for the papers: https://drive.google.com/drive/folders/1X6m8K8105FRtxmJ2_UIy5ucrjR2c1yUY?usp=sharing Link of the google sheet: https://docs.google.com/spreadsheets/d/10BKYEw3G6lgjUrztr9JMf7VKZtuPazKDPY7aD3VPNIE/edit?usp=sharing
Term paper
Each student is required to submit a term paper by 24th March 2023. The term paper should include: (1) A literature review. (2) A comprehensive review of the presented paper. (3) A proposal for a follow-up or new experiment related to the paper's topic. Note: The term paper must be written independently by each student. Group members should avoid copying from each other and should design unique experiment proposals. While there is no strict page requirement, a thorough literature review and paper analysis are expected. A hard copy of the term paper need not be submitted at course instructor’s office and the same should be uploaded to Smart LMS portal.
End-term examination
The end-term exam will cover all the lectures up to the date of the examination.

Interim Assessment

2023/2024 3rd module
0.4 * End-term examination + 0.3 * Group presentation + 0.3 * Term paper

Bibliography

Recommended Core Bibliography

An introduction to behavioral economics, Wilkinson, N., 2012
Causal inference : the mixtape, Cunningham, S., 2021
Mostly harmless econometrics : an empiricist's companion, Angrist, J. D., 2009
Thinking, fast and slow, 499 p., Kahneman, D., 2013
Wilkinson, N., & Klaes, M. (2012). An Introduction to Behavioral Economics (Vol. 2nd ed). Basingstoke: Palgrave Macmillan. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1525059

Recommended Additional Bibliography

. 2: The handbook of experimental economics, Kagel, J. H., 2015
Duflo, E., & Banerjee, A. (2017). Handbook of Field Experiments. Amsterdam, Netherlands: North Holland. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1145037
Mastering 'Metrics : the path from cause to effect, Angrist, J. D., 2015
Misbehaving. The making of behavioral economics, Thaler, R. H., 2015
Nudge : improving decisions about health, wealth and happiness, Thaler, R. H., 2009

Course Syllabus