Behaviour, Decisions and Markets
| Module title | Behaviour, Decisions and Markets |
|---|---|
| Module code | BEE3049 |
| Academic year | 2024/5 |
| Credits | 15 |
| Module staff | Professor Miguel Fonseca (Convenor) |
| Duration: Term | 1 | 2 | 3 |
|---|---|---|---|
| Duration: Weeks | 11 |
| Number students taking module (anticipated) | 100 |
|---|
Module description
Summary:
Why do people who gamble buy insurance? To what extent are our decisions influenced by context? Are incentives always good? The aim of this module is to enable you to examine economic theory from a behavioural perspective and to highlight instances where standard economics predicts actual choices correctly and instances where it does not. You will be introduced to recent behavioural theories that have emerged to explain the empirical observations, and will discuss the implications for economics, business and politics. While focusing on the main developments in behavioural economics, the module also aims to expose you to the methodology of experimental economics and how it can be used to empirically test economic theory.
Additional Information:
Internationalisation
This module looks at the fundamentals of behaviour to understand issues like financial crisis and irrationality in markets, so it is applicable to an international environment.
Sustainability
Sustainability is explored in relation to topics of economic sustainability, cooperation in order to maintain the common public good and the necessary conditions to achieve success.
Employability
You will develop your critical thinking and writing skills in this module.
Module aims - intentions of the module
The aim of this module is to enable you to examine economic theory from a behavioural perspective and highlight instances where standard economics predicts actual choices correctly and instances where it does not. You will be introduced to recent behavioural theories that have emerged to explain the empirical observations, and will discuss the implications for economics, business and politics. While focusing on the main developments in behavioural economics, the module aims to expose you to the methodology of experimental economics and how it can be used to empirically test economic theory.
Intended Learning Outcomes (ILOs)
ILO: Module-specific skills
On successfully completing the module you will be able to...
- 1. Explain the methodology of and recent developments in experimental economics and their impact on economic theories
- 2. Explain how economics experiments are designed
ILO: Discipline-specific skills
On successfully completing the module you will be able to...
- 3. Discuss and evaluate how economic theories are developed and tested
- 4. Explain and discuss how new theories are developed to account for new empirical evidence
ILO: Personal and key skills
On successfully completing the module you will be able to...
- 5. Participate in group work
- 6. Produce high quality work (whether in a group or individually) in written form
- 7. Engage in independent study
- 8. Research and summarise a body of literature in order to produce a report
- 9. Engage in critical thought and reasoned discussion
Syllabus plan
- Rational Choice
- Risk Attitudes
- Prospect Theory / Mental Accounting
- Processing Information and Belief Formation
- Economics of Discrimination
- Nudge
- Incentives in Organisations and Behaviour Change
Learning activities and teaching methods (given in hours of study time)
| Scheduled Learning and Teaching Activities | Guided independent study | Placement / study abroad |
|---|---|---|
| 27 | 123 | 0 |
Details of learning activities and teaching methods
| Category | Hours of study time | Description |
|---|---|---|
| Scheduled learning and teaching activities | 22 | Lectures |
| Scheduled learning and teaching activities | 5 | Tutorials |
| Guided independent study | 123 | Reading, preparation for classes and assessment |
Formative assessment
| Form of assessment | Size of the assessment (eg length / duration) | ILOs assessed | Feedback method |
|---|---|---|---|
| Class discussions | 1 hour | 1-5 | Verbal |
Summative assessment (% of credit)
| Coursework | Written exams | Practical exams |
|---|---|---|
| 80 | 20 | 0 |
Details of summative assessment
| Form of assessment | % of credit | Size of the assessment (eg length / duration) | ILOs assessed | Feedback method |
|---|---|---|---|---|
| Written essay | 50 | 2,000 words | 1-4, 6-9 | Verbal or written |
| 10 ELE quizzes | 20 | MCQ | 1-4, 6-9 | Verbal |
| Class group assignments | 30 | 1 x 10-20 minute presentation (live or pre-recorded) | 1-9 | Verbal |
Details of re-assessment (where required by referral or deferral)
| Original form of assessment | Form of re-assessment | ILOs re-assessed | Timescale for re-assessment |
|---|---|---|---|
| Written assignment (50%) | Written assignment (50%) (2,000 words) | 1-4, 6-9 | Referral/Deferral Period |
| 10 ELE quizzes (20%) | Single ELE quiz (20%) | 1-9 | Referral/Deferral period |
| Class group assignments (30% | 1 x 10-20 minute presentation (pre-recorded) (30%) | 1-4, 6-9 | Referral/Deferral period |
Re-assessment notes
Deferral – if you have been deferred for any assessment you will be expected to submit the relevant assessment. The mark given for a re-assessment taken as a result of deferral will not be capped and will be treated as it would be if it were your first attempt at the assessment.
Referral – if you have failed the module overall (i.e. a final overall module mark of less than 40%) you will be expected to submit the relevant assessment. The mark given for a re-assessment taken as a result of referral will be capped at 40%.
Indicative learning resources - Basic reading
- Michelle Badelley (2019). Behavioural Economics and Finance. Routledge
| Credit value | 15 |
|---|---|
| Module ECTS | 7.5 |
| Module pre-requisites | BEE2025 |
| Module co-requisites | None |
| NQF level (module) | 6 |
| Available as distance learning? | No |
| Origin date | 01/09/2008 |
| Last revision date | 02/02/2024 |
