Module Handbook

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Module WIW-IOE-BE-M-7

Behavioural Economics (M, 4.5 LP)

Module Identification

Module Number Module Name CP (Effort)
WIW-IOE-BE-M-7 Behavioural Economics 4.5 CP (135 h)

Basedata

CP, Effort 4.5 CP = 135 h
Position of the semester 1 Sem. in WiSe
Level [7] Master (Advanced)
Language [EN] English
Module Manager
Weinschenk, Philipp, Prof. Dr. (PROF | DEPT: WIW)
Lecturers
Rauber, Tom, M. Sc. (WMA | DEPT: WIW)
Area of study [WIW-IOE] Microecomonics
Reference course of study [WIW-88.21-SG] M.Sc. Business Studies
Livecycle-State [NORM] Active

Courses

Type/SWS Course Number Title Choice in
Module-Part 		Presence-Time /
Self-Study 		SL SL is
required for exa. 		PL CP Sem.
3K WIW-IOE-BE-K-7
Behavioural Economics
P 42 h 93 h - - PL1 4.5 WiSe
  • About [WIW-IOE-BE-K-7]: Title: "Behavioural Economics"; Presence-Time: 42 h; Self-Study: 93 h

Examination achievement PL1

  • Form of examination: examination in form of partial achievements
  • Examination Frequency: each winter semester
    Presentation of seminal papers in Behavioural

    Economics and Oral examination (30 Min.)

Evaluation of grades

All partial module examinations have to be passed. The module grade is the weighted average of the partial examination grades according to the following weights:

The final grade is calculated from the grade in the oral examination and the

grade in the presentation. The weighting of the different grades is 70% oral

examination and 30% presentation. Both, the oral examination and the

mandatory presentation, have to passed successfully to complete the module

“Behavioural Economics“.


Contents

From [WIW-IOE-BE-K-7] Behavioural Economics:
Describing observed behaviour in experiments and human decision making

by using concepts of Behavioural Economics

Central Topics:

  • 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
  • Applications to the finance industry, to the insurance industry and to the

labour market

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.

Literature

  • 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

Materials

  • Lecture documents
  • Problem sets

Requirements for attendance (informal)

A course in Microeconomics and Game Theory, analytic thinking

Requirements for attendance (formal)

None

References to Module / Module Number [WIW-IOE-BE-M-7]

Module-Pool Name
[WIW-EIE-MPOOL-7] Field of Specialization: Environmental and Industrial Economics
[WIW-ET-MPOOL-7] Field of Specialization: Economic Theory
[WIW-IOE-MPOOL-7] Field of Specialization: Industrial Economics