Behavioural Economics and Applications (3K, 4.5 LP)
|SWS||Type||Course Form||CP (Effort)||Presence-Time / Self-Study|
|3||K||4.5 CP||45 h||90 h|
|(3K)||4.5 CP||45 h||90 h|
|CP, Effort||4.5 CP = 135 h|
|Position of the semester||1 Sem. in WiSe|
|Level|| Master (Advanced)|
|Area of study||[WIW-IOE] Microecomonics|
Description of (experimentally) observed behaviour and human decision making by behavioural economic concepts
- Need for Behavioural Economics, its development over the last decades and its relevance for modern economics
- Choice under certainty
- Judgment under risk and uncertainty
- Choice under risk and uncertainty
- Intertemporal choices
- Strategic interaction
- Markets with naïve consumers
- Negative wage elasticities
- Empirical evidence
- Behavioural economic modifications of models in industrial organisation
- Further applications in industrial organisation from recent publications
Competencies / intended learning achievements
On successful completion of the module students are able to:
- Describe deviations of human behaviour from the model of homo economicus.
- Explain crucial experiments in behavioural economics and their results which are used to characterise human behaviour and decision making.
- Formulate behavioural models as more adequate alternative to the corresponding concepts of the neoclassical theory.
- Analyse a wide variety of economic phenomena applying behavioural concepts.
- Develop policy implications based on the behavioural economic analysis.
- To use behavioural economics concepts to analyse the behaviour of market participants.
- To show how companies benefit from naïve consumers.
- Angner, Erik (2016): A Course in Behavioral Economics. 2. Edition London, New York, Palgrave MacMillan.
- Beck, Hanno (2014): Behavioral Economics. Eine Einführung. 1. Edition, Wiesbaden, Springer Gabler.
- Camerer, Colin F.; Loewenstein, George F.; Rabin, Matthew (2004): Advances in Behavioral Economics. 1. Edition, New York, Princeton, Oxford, Russell Sage Foundation, Princeton University Press.
- Dhami, Sanjit S. (2016): The Foundations of Behavioral Economic Analysis. 1. Edition, Oxford, New York, Oxford University Press.
- Wilkinson, Nick; Klaes, Matthias (2018): An Introduction to Behavioral Economics. 3. Edition, London, Palgrave; Macmillan
- Lecture slides
- Problem sets
- Seminal papers
Requirements for attendance (informal)
A course in microeconomics and game theory, analytic thinking
Requirements for attendance (formal)
The module ‘Behavioural Economic Theory’ has not been completed.
References to Course [WIW-IOE-BEIE-K-7]
|[WIW-IOE-BEIE-M-7]||Behavioural Economics and Applications||P: Obligatory||3K, 4.5 LP|