Behavioural Economics and Application
The course in behavioural economics and applications held in the winter term yields 4.5 ECTS and it is conducted in English. After the lecture period, which takes place in the first six weeks of the term, students are required to present seminal papers about applications of behavioural economics especially in the field of industrial economics. This presentation is mandatory to sit the oral exam and can only be done in the winter term as part of the course.
- As a part of the master's programme the course belongs to the following field of specialisation: Environmental and Industrial Economics
- Further information where and when the lecture takes place is provided here: KIS
- The module number is WIW-IOE-BEIE-M-7 and further details are also mentioned in the module handbook: Module Handbook
- The course material is shared on the online platform OLAT: OLAT, in order to get access visit the first lecture or contact Tom Rauber.
- 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 in industrial economics:
- 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 / Learning results
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.
- Explain significant behavioural economic theory alternatives.
- Embed behavioural theory alternatives in existing economic models.
- To use behavioural economics concepts to analyse the behaviour of market participants.
- To show how companies benefit from naïve consumers.
For further questions and details contact Tom Rauber.