This module aims to:

Introduce students to behavioural economics, its methods and its perspectives;

Provide an overview of some the main contributions which behavioural economics has made to economics as a social science;

Highlight areas where fundamental assumptions underlying economic theory have evolved in the light of behavioural economic research;

Raise awareness of related areas of development in economic theory;

Prepare students for the study of more technical modules in behavioural or experimental analysis.

(LO1) Students will be able to gain an overview of Behavioural Economics and how it relates to traditional economic analysis.

(LO2) Students will be able to independently study primary research contributions in Behavioural Economics.

(LO3) Students will be able to engage in further study in related fields such as behavioural finance and experimental economics

(LO4) Students will be able to critically evaluate the axioms on which mainstream economic approaches are based as well as the suggested alternatives.

(LO5) Students will be able to gain an understanding of the international policy contexts of the application of behavioural theories.

(LO6) Students will be able to understand the effect of moral philosophy (ethics) on economic decisions - particularly in the implications of social preferences.

(S1) Problem solving skills

(S2) Communication skills

(S3) Lifelong learning skills

(S4) Ethical awareness

Teaching Method: Online Asynchronous Learning Materials
Description: pre-recorded lectures with material approximately equivalent to 12 traditional 1 hour lectures
Unscheduled Directed Student Hours: 12
Attendance Recorded: No

Teaching Method: Large Group Teaching
Scheduled Directed Student Hours: 12
Attendance Recorded: Yes

Teaching Method: Seminar:
Description: Bi-weekly 1 hour seminars in weeks 1-12
Scheduled Directed Students Hours: 6
Attendance Recorded: Yes

Teaching Method: Group Study
Description: Bi-weekly 1 hour session to foster student community and engagement by working with others on their ‘active learning’ activities
Scheduled Student Hours: 6
Attendance Recorded: No

Self-Directed Learning Hours: 114
Description: These independent learning hours are aimed at supporting the directed student learning. The module leader will provide guidance in the form of suggested readings and topics to examine with the expectation that students are well prepared to contribute to the seminar activities and to understand the content of learning materials. Self-Directed Learning will include research activity, developing academic writing skills, and wider reading to support the module

Costs Information:
There will be a cost for the poster printing (Approximately £3 - £9 per group depending on the size of the poster).

Non-modular Requirements
ECON121 with either ECON111 or ECON113

Skills/Other Attributes Mapping

Skills / attributes: Ethical awareness
How this is developed: Lectures
Mode of assessment (if applicable)

Skills / attributes: Lifelong learning skills
How this is developed: Seminars & Lectures
Mode of assessment (if applicable)

Skills / attributes: Communication skills
How this is developed: Seminars
Mode of assessment (if applicable): Group Poster Presentation

Skill s / attributes: Problem solving skills
How this is developed: Seminars & Lectures
Mode of assessment (if applicable)

The module covers the following topic areas:
1. Behavioural Economics: Overview of the subject, epistemic foundations and investigative technique.
2. The rational choice paradigm and its criticism: decision making under certainty and uncertainty, heuristics, probability perception and prospect theory.
3. Intertemporal choice and time inconsistent preferences.
4. Game theory and social preferences in the neo-classical model and in behavioural economics.
5. Applied game theory and the policy content.