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Instructors: Prof. Dr. Andreas Lange; Dr. Enrico Longo
Event type:
Interactive class
Displayed in timetable as:
Behavioral Economics
Hours per week:
3
Credits:
6,0
Language of instruction:
English
Min. | Max. participants:
- | 45
More information:
Course content as an online course in asynchronous form. Discussions and lectures are offered onsite.
Comments/contents:
The aim of this course is to give an introduction into the field of Behavioral Economics
Behavioral Economics integrates several psychological insights into formal economic models. As such, it attempts to increase the explanatory power of economic models by incorporating a better basis of human behavior. The traditional canonic model of economic behavior had been based upon a rational economic agent who maximizes a narrowly defined self-interest. In many situations, e.g. when social norms are important or when decisions are made in intertemporal contexts, this canonic model often generated predictions that are inconsistent with empirical evidence.
This course presents experimental evidence and new models in different areas of Behavioral Economics. We discuss experimental evidence that motivated the development of these models and apply them to different economic problems.
Learning objectives:
We will always discuss implications for different economic contexts and give examples and potential policy implications. These relate, for example, to issues in Behavioral Labor Economics, Behavioral Finance, and Behavioral Game Theory.
The course material therefore consists primarily of journal articles and class notes. It is helpful to read some chapters of the textbooks given below. Throughout the course, I will point out articles that are required to be read and will be discussed by all students in class (not all the articles given below will be required to be read!). Some of the classes will involve students’ discussions and presentations of selected articles. These will be assigned in class.
In order to develop a thorough understanding of key economic aspects of Behavioral Economics, each student is expected to actively participate in the course. This involves reading (ahead) the provided material and journal articles, as well as actively participating in discussions.
Literature:
will be provided
Additional examination information:
The grade will be based on a take home exam (essay) in which students are given specific topics that should be approached and discussed using behavioral insights discussed in class.
Additionally, students are encouraged to present a research paper from the reading list in class. The presentation of the research paper in class can be given in groups of 2 students. Here, students present the most important (interesting) insights of the paper and additionally guide the group discussion.
TAKE-HOME EXAM: The examiner of your course will provide information about the hand out of examination tasks / assignments and their submission.
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