{"ModuleCode":"EC4394","ModuleTitle":"Behavioural Economics","Department":"Economics","ModuleDescription":"This course introduces students to Behavioural Economics, a relatively new field of economics. It is based on the belief that economists should aspire to making assumptions about humans that are as realistic as possible. Specifically, it tries to incorporate into economics the insights of other social sciences, especially psychology and sociology. In this course, we will be looking at models with precisely formulated assumptions and thinking about the careful empirical testing of both the assumptions and the conclusions. The course will be weighted more towards the empirical parts.","ModuleCredit":"5","Workload":"0-3-0-2-7.5","Prerequisite":"Cohort 2011 and before: Completed 80 MCs, including 28 MCs in EC, with a minimum CAP of 3.50 or be on the Honours track. EC3101, EC3102, and (EC3303 or ST3131). Cohort 2012 onwards: Completed 80 MCs, including 28 MCs in EC, with a minimum CAP of 3.20 or be on the Honours track. 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Week","DayText":"Tuesday","StartTime":"0900","EndTime":"1200","Venue":"AS6-0214"}],"IVLE":[{"Announcements":null,"Forums":[],"Workbins":[],"Webcasts":[],"Gradebooks":[],"Polls":[],"Multimedia":[],"LessonPlan":[],"ID":"e46fdec7-5bfa-4e65-9a18-d39fa2b99f18","CourseLevel":"1","CourseCode":"EC4394","CourseName":"BEHAVIOURAL ECONOMICS","CourseDepartment":"","CourseSemester":"Semester 1","CourseAcadYear":"2015/2016","CourseOpenDate":"/Date(1433347200000+0800)/","CourseOpenDate_js":"2015-06-04T00:00:00","CourseCloseDate":"/Date(1451663940000+0800)/","CourseCloseDate_js":"2016-01-01T23:59:00","CourseMC":"0","isActive":"Y","Permission":"S","Creator":{"UserID":null,"Name":"Roy Chen","Email":null,"Title":null,"UserGuid":"e5cf3813-2e60-45f1-909b-756abcdbc964","AccountType":null},"hasGradebookItems":false,"hasTimetableItems":true,"hasGroupsItems":false,"hasClassGroupsForSignUp":false,"hasGuestRosterItems":false,"hasClassRosterItems":false,"hasWeblinkItems":false,"hasLecturerItems":true,"hasDescriptionItems":true,"hasReadingItems":false,"hasAnnouncementItems":false,"hasProjectGroupItems":false,"hasProjectGroupsForSignUp":false,"hasConsultationItems":false,"hasConsultationSlotsForSignUp":false,"hasLessonPlanItems":false,"Badge":0,"BadgeAnnouncement":0,"WebLinks":[],"Lecturers":[{"ID":"670ce75a-0f14-4bca-95ea-3892deb61120","User":{"UserID":null,"Name":"Roy Chen","Email":null,"Title":null,"UserGuid":"e5cf3813-2e60-45f1-909b-756abcdbc964","AccountType":null},"Role":"Lecturer ","Order":1,"ConsultHrs":null}],"Descriptions":[{"ID":"1e5f053b-8835-4692-be49-41f07234cfff","Title":"Learning Outcomes","Description":"Behavioral economics stresses the need to incorporate psychological thinking into economics. Topics include: (1) decision making under uncertainty, (2) decision making across time, (3) other-regarding preferences, and (4) strategic thinking. Evidence from financial markets, saving behaviors, labor markets and other areas will be used to show how behavioral economics can be fruitfully applied to yield important insights into behavior under different settings. Overall, this course aims to help you develop skills on (1) how incorporating psychological thinking could help to explain economic behavior, and (2) how to apply behavioral economics to various economic and business settings.","Order":1},{"ID":"2e5f053b-8835-4692-be49-41f07234cfff","Title":"Prerequisites","Description":"Completed 80MCs, including 28MCs in EC, with a minimum CAP of 3.5 or be on the Honours track, and EC3101, EC3102 and (EC3303 or ST3131)","Order":2},{"ID":"4e5f053b-8835-4692-be49-41f07234cfff","Title":"Schedule","Description":"Tentative Course Outline:
\n
\n1. Introduction to behavioral and experimental economics
\n
\n2. Decision making under uncertainty
\n (a) Prospect theory
\n (b) The endowment effect, loss aversion and reference dependence
\n (c) Measuring risk preferences
\n
\n3. Decision making across time
\n (a) Hyperbolic discounting
\n (b) Self control
\n (c) Measuring time preferences
\n
\n4. Decision making involving others
\n (a) Other-regarding preferences
\n (b) Social identity and social norms
\n (c) Measuring other-regarding preferences
\n
\n5. Other topics
\n (a) Level-k thinking
\n (b) Neuroeconomics","Order":4},{"ID":"8e5f053b-8835-4692-be49-41f07234cfff","Title":"Assessment","Description":"You will form groups, and will work with your groups for homework, presentation, and project.
\n
\n• Participation: 10%
\n• Group Homework: 20%
\n• Group Presentations: 10%
\n• Group Project: 20%
\n• Final exam: 40%
\n
\nParticipation
\n
\nParticipation will be determined by attendance, class discussions and decision-making experiments.
\n
\nGroup Homework
\n
\nThere will be 3 assignments, to be completed within your groups. Some groups will be asked to present their solutions. Grading will be based on effort.
\n
\nGroup Presentations
\n
\nMost weeks, a group will be asked to read extra papers related to that week’s topic and present those papers to the class. Presentations will be 20 minutes including Q&A. The presentations should include:
\n
\n• Summary of the papers:
\n – specific research questions
\n – important findings
\n• Discussion of the papers:
\n – strengths and weaknesses
\n – broader economic questions: what have we learned?
\n – possible improvements and extensions
\n
\nGroup Project
\n
\nEach group will submit a written project giving a proposal for an economic experiment. This can be on any topic related to behavioral economics, whether or not it was discussed in class. For example, you could propose an experiment to test the theories presented in class, or propose a way to apply behavioral economics in the field. When you have chosen your topic, you must come talk to me about it to obtain approval.
\n
\nYou are expected to discuss the topic you have chosen in detail, present an experimental design, discuss your hypotheses and how you would analyze the data that you would obtain. You do not have to actually run the experiment (though if you would like to, that might be possible, and might be worth some bonus points).
\n
\nFinal Exam
\n
\nFor the topics covered in this module, the final exam will test your understanding on (1) how experimental evidence can falsify a theory, (2) how a theory could explain experimental evidence, and (3) how to apply behavioral economics to other economic fields. The exam will be based only on the lecture notes and required readings.","Order":8},{"ID":"8b296e80-bb8e-4740-9824-0439a2b2b76b","Title":"Preclusions","Description":"Nil","Order":9},{"ID":"6ca77962-8924-4dd4-a699-d2fea2fa4ee4","Title":"Workload","Description":"0-3-0-2-7.5
Workload Components : A-B-C-D-E \r\n
A: no. of lecture hours per week \r\n
B: no. of tutorial hours per week \r\n
C: no. of lab hours per week \r\n
D: no. of hours for projects, assignments, fieldwork etc per week \r\n
E: no. of hours for preparatory work by a student per week","Order":10}],"ReadingFormatted":[],"ReadingUnformatted":[]}],"Lecturers":["Roy Chen"],"LecturePeriods":["Monday Afternoon","Tuesday Morning"]},{"Semester":2,"ExamDate":"2016-05-04T17:00+0800","Timetable":[{"ClassNo":"1","LessonType":"Seminar-Style Module Class","WeekText":"Every Week","DayText":"Monday","StartTime":"1200","EndTime":"1500","Venue":"AS1-0304"},{"ClassNo":"2","LessonType":"Seminar-Style Module Class","WeekText":"Every Week","DayText":"Friday","StartTime":"1500","EndTime":"1800","Venue":"AS7-0102"}],"LecturePeriods":["Monday Afternoon","Friday Afternoon"]}]}