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Instructors: Prof. Dr. Dr. Lydia Mechtenberg
Event type:
Interactive class
Displayed in timetable as:
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 the agenst care for their (moral) self-image, 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 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 consists primarily of journal articles and slides. It is helpful to read some chapters of the textbooks and overview articles 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 in the development of own research questions and approaches.
Didactic concept:
The course is planned to take place partly digital (for lectures) and partly in classroom (for all sessions of student presentations) – as long as the pandemic situation allows this.
If and when restrictions apply, the sessions will take place via Zoom or in hybrid formats during the specified time slots.
Communication and course material through OpenOLAT. Students registered for the course in STiNE will have access to the OpenOLAT-course automatically.
Literature:
For overview articles and textbooks, see below. All other articles will be uploaded in OpenOlat in due time before the course starts.
Overview articles and books:
• Camerer, Colin, George Loewenstein, and Matthew Rabin (eds.), 2003. Advances in Behavioral Economics, Princeton University Press. This book gives a selection of excellent and seminal papers in the field.
• Wilkinson, Nick,2008. An introduction to Behavioral Economics, Palgrave McMillan.
• Camerer, Colin, 2003. Behavioral Game Theory: Experiments in Strategic Interaction, Princeton University Press.
• Diamond, Peter and Hannu Vartiainen (ed.), 2007. Behavioral Economics and its Applications, Princeton University Press.
• DellaVigna, Stefano. "Psychology and economics: Evidence from the field." Journal of Economic literature 47.2 (2009): 315-72.
• Rabin, Matthew. "Psychology and economics." Journal of Economic Literature 36.1 (1998): 11-46.
Additional examination information:
The grade will be based on a presentation given in class as well as on an oral exam.
In the oral exam, the student discusses a piece of own research in the area of Behavioral Economics that addresses one specific research question. The research questions and methods for the oral exam are developed and assigned in class as well as in digital office hours. The presentation in class can be given in groups of 2 students. Here, students present the most important (interesting) insights of an assigned research paper and additionally guide the group discussion. The final sessions are reserved for presentations of (preliminary) ideas for the oral exam.
For exam dates and times please see STiNE.
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