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Instructors: Prof. Dr. Andreas Lange
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
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.
Unfortunately, there is still no comprehensive textbook that fully covers this course. 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 and submitting homework assignments as well as being able to present those in class.
Literature:
See file.
Additional examination information:
The grade will be based on a presentation given in class as well as on a term paper.
The topic of the term paper will be decided in personal consultation. The term paper is due March 15. Initial ideas shall be communicated by Jan31.
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.
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