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Course Syllabus

Bachelor 2023/2024

Experimental and Behavioural Economics

Type: Elective course (International Programme in Economics and Finance)
Area of studies: Economics
Delivered by: International College of Economics and Finance
Where: International College of Economics and Finance
When: 4 year, 1, 2 module
Mode of studies: offline
Open to: students of one campus
Instructors: Alexander Usvitskiy, Andrey Vorchik
Language: English
ECTS credits: 4
Contact hours: 64

Course Syllabus

Full Syllabus

Abstract

The course introduces students to the field of behavioural economics a discipline which combines insights from economics and psychology, as well as others, like sociology or political science, to understand the nature and motives of human behaviour in individual and interactive decision-making. Behavioural economics combines the rigour of economic analysis of individual and interactive collective decisions with empirical facts about behaviour established through careful obervational and experimental studies. Experimental design and methods, with applications to the lab, field and nature, will be intergal part of the course. Finally, course participants will be enrolled in real research project they are supposed to complete in small groups of 2 4 members, and present its outcome in public at the end of the course. Prerequisites: This course requires completion of Micro 2, Statistics 2 and Econometrics courses of ICEF. Background in social sciences such as Sociology and Political Science, is welcomed, but not mandatory.
Learning Objectives

Learning Objectives

  • Familiarize students with contemporary experimental and empirical studies of human behaviour which emerged as a result of interdisciplinary research in economics, psychology and other social sciences
  • Develop critical thinking and working skills with contemporary research literature.
  • Enhance their creativity and capability to conduct independent research in the field of behavioural and social sciences, data analysis and interpretation
Expected Learning Outcomes

Expected Learning Outcomes

  • - able to critically evaluate the main trends of modern economics, competently lead a discussion about the arguments in favor of each of them
  • - able to organize the activities of a small group created for the implementation of a specific economic project
  • - capable of setting research task and conducting empirical research, including problem analysis, setting goals and objectives, identifying the object and subject of research, choosing the means and methods of research, as well as assessing its quality
Course Contents

Course Contents

  • Rationality and decision-making
  • Heuristics and biases
  • Choice under risk and uncertainty
  • Strategic interactions
  • Experimental design
  • Intertemporal choice
  • Social preferences
  • Applied theory and experiments
  • Markets
Assessment Elements

Assessment Elements

  • non-blocking Seminar activity
  • non-blocking Home assignments
  • non-blocking Research project
  • non-blocking Final examination
Interim Assessment

Interim Assessment

  • 2023/2024 2nd module
    0.4 * Final examination + 0.2 * Home assignments + 0.3 * Research project + 0.1 * Seminar activity
Bibliography

Bibliography

Recommended Core Bibliography

  • A course in behavioral economics, Angner, E., 2016
  • Methods in experimental economics : an introduction, Weimann, J., 2019

Recommended Additional Bibliography

  • An introduction to behavioral economics, Wilkinson, N., 2012
  • Chris Starmer. (2000). Developments in Non-expected Utility Theory: The Hunt for a Descriptive Theory of Choice under Risk. Journal of Economic Literature, (2), 332. https://doi.org/10.1257/jel.38.2.332
  • Colin F. Camerer, & Richard H. Thaler. (1995). Anomalies: Ultimatums, Dictators and Manners. Journal of Economic Perspectives, (2), 209. https://doi.org/10.1257/jep.9.2.209
  • Daniel Kahneman, & Amos Tversky. (1979). Prospect theory: An analysis of decision under risk. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsbas&AN=edsbas.8AB1AB05
  • Duflo, E., Glennerster, R., & Kremer, M. (2008). Using Randomization in Development Economics Research: A Toolkit. Handbook of Development Economics, 3895. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.h.eee.devchp.5.61
  • Ernst Fehr, & Simon Gächter. (2000). Cooperation and Punishment in Public Goods Experiments. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsbas&AN=edsbas.C8B1230
  • Fehr, E., & Schmidt, K. M. (1999). A Theory of Fairness, Competition, and Cooperation. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsbas&AN=edsbas.8A52174F
  • Gächter, S., & Herrmann, B. (2008). Reciprocity, culture and human cooperation: previous insights and a new cross-cultural experiment. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsbas&AN=edsbas.78FCB46
  • Glenn Harrison. (2011). The methodological promise of experimental economics. Journal of Economic Methodology, (2), 183. https://doi.org/10.1080/1350178X.2011.580135
  • Gneezy, & John A. List. (2006). Putting behavioral economics to work: Testing Gift Exchange in Labor Markets using Field Experiments,” Econometrica. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsbas&AN=edsbas.7848290C
  • Kagel, J. H., & Levin, D. (1986). The Winner’s Curse and Public Information in Common Value Auctions. American Economic Review, 76(5), 894. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=bsu&AN=4498237
  • Koszegi, B., & Rabin, M. (2006). A Model of Reference-Dependent Preferences. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsbas&AN=edsbas.FE37081A
  • Loewenstein, G., & Prelec, D. (1992). Anomalies in intertemporal choice: Evidence and an interpretation. Quarterly Journal of Economics, 107(2), 573. https://doi.org/10.2307/2118482
  • Moffatt, P. G. (2015). Experimetrics : Econometrics for Experimental Economics. Basingstoke: Palgrave Macmillan. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1523968
  • Simon, H. A. (1978). Rationality as Process and as Product of Thought. American Economic Review, (2), 1. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.a.aea.aecrev.v68y1978i2p1.16
  • Smith, V. L. (1989). Theory, Experiment and Economics. Journal of Economic Perspectives, 3(1), 151–169. https://doi.org/10.1257/jep.3.1.151
  • Smith, V. L., Suchanek, G. L., & Williams, A. W. (1988). Bubbles, Crashes, and Endogenous Expectations in Experimental Spot Asset Markets. Econometrica, (5), 1119. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.a.ecm.emetrp.v56y1988i5p1119.51
  • Vernon L. Smith. (1962). An Experimental Study of Competitive Market Behavior. Journal of Political Economy, 322. https://doi.org/10.1086/258660