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Regular version of the site
2017/2018

Introduction to Behavioral and Experimental Economics

Type: Minor
When: 1, 2 module
Language: English
ECTS credits: 5

Course Syllabus

Abstract

From the experimental side, we will study the most profound observations from the lab and the field, learn basic techniques how to create and evaluate your own experimental data. From the theoretical side, we will study basic theories that attempt to explain observed biases and learn how to extend the standard economic models to account for behavioral aspects.
Learning Objectives

Learning Objectives

  • give to students an idea of what is Be-havioral Economics as a separate field of Economics.
Expected Learning Outcomes

Expected Learning Outcomes

  • to distinguish the standard rational agent behavior from the observed patterns
  • to identify behavioral biases in economically relevant situations
  • to describe the observed behavior using the established academic theories
  • to propose a falsifiable hypothesis w.r.t. a certain aspect of behavior, and an experiment to test it
  • to construct a mathematical model of an observed bias and solve it
  • to design and run an experiment
Course Contents

Course Contents

  • Introduction to BEE
  • Rational choice under certainty
  • Behavioral choice under certainty
  • Probability judgment
  • Judgment under risk and uncertainty
  • Rational choice under risk
  • Behavioral choice under risk
  • Intertemporal choice
  • Behavioral game theory
  • Other-regarding preferences
  • Belief-management
Assessment Elements

Assessment Elements

  • non-blocking Exam
  • non-blocking Participation
  • non-blocking Homeworks
  • non-blocking Test
Interim Assessment

Interim Assessment

  • Interim assessment (1 module)
    0.4 * Exam + 0.2 * Homeworks + 0.2 * Participation + 0.2 * Test
Bibliography

Bibliography

Recommended Core Bibliography

  • Brañas-Garza, P., & Cabrales, A. (2016). Experimental Economics : Volume II: Economic Applications. Basingstoke, Hampshire [UK]: Palgrave Macmillan. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1231543

Recommended Additional Bibliography

  • Burkett, J. P. (2006). Microeconomics: Optimization, Experiments, and Behavior. Oxford University Press. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.b.oxp.obooks.9780195189629