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Study information

Behaviour, Decisions and Markets

Module titleBehaviour, Decisions and Markets
Module codeBEE3049
Academic year2024/5
Credits15
Module staff

Professor Miguel Fonseca (Convenor)

Duration: Term123
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 ActivitiesGuided independent studyPlacement / study abroad
271230

Details of learning activities and teaching methods

CategoryHours of study timeDescription
Scheduled learning and teaching activities22Lectures
Scheduled learning and teaching activities5Tutorials
Guided independent study123Reading, preparation for classes and assessment

Formative assessment

Form of assessmentSize of the assessment (eg length / duration)ILOs assessedFeedback method
Class discussions1 hour1-5Verbal

Summative assessment (% of credit)

CourseworkWritten examsPractical exams
80200

Details of summative assessment

Form of assessment% of creditSize of the assessment (eg length / duration)ILOs assessedFeedback method
Written essay502,000 words1-4, 6-9Verbal or written
10 ELE quizzes20MCQ1-4, 6-9Verbal
Class group assignments301 x 10-20 minute presentation (live or pre-recorded) 1-9Verbal

Details of re-assessment (where required by referral or deferral)

Original form of assessmentForm of re-assessmentILOs re-assessedTimescale for re-assessment
Written assignment (50%) Written assignment (50%) (2,000 words) 1-4, 6-9Referral/Deferral Period
10 ELE quizzes (20%)Single ELE quiz (20%)1-9Referral/Deferral period
Class group assignments (30%1 x 10-20 minute presentation (pre-recorded) (30%)1-4, 6-9Referral/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

Key words search

Behavioural Economics, Experimental Economics

Credit value15
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