Universität Wien
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040296 UK Introduction to Behavioral Economics (BA) (2018W)

8.00 ECTS (4.00 SWS), SPL 4 - Wirtschaftswissenschaften
Prüfungsimmanente Lehrveranstaltung
Moodle

An/Abmeldung

Hinweis: Ihr Anmeldezeitpunkt innerhalb der Frist hat keine Auswirkungen auf die Platzvergabe (kein "first come, first served").

Details

max. 50 Teilnehmer*innen
Sprache: Englisch

Lehrende

Termine (iCal) - nächster Termin ist mit N markiert

  • Montag 01.10. 15:00 - 16:30 Hörsaal 7 Oskar-Morgenstern-Platz 1 1.Stock
  • Dienstag 02.10. 16:45 - 18:15 Hörsaal 10 Oskar-Morgenstern-Platz 1 2.Stock
  • Montag 08.10. 15:00 - 16:30 Hörsaal 7 Oskar-Morgenstern-Platz 1 1.Stock
  • Dienstag 09.10. 16:45 - 18:15 Hörsaal 10 Oskar-Morgenstern-Platz 1 2.Stock
  • Montag 15.10. 15:00 - 16:30 Hörsaal 7 Oskar-Morgenstern-Platz 1 1.Stock
  • Dienstag 16.10. 16:45 - 18:15 Hörsaal 10 Oskar-Morgenstern-Platz 1 2.Stock
  • Montag 22.10. 15:00 - 16:30 Hörsaal 7 Oskar-Morgenstern-Platz 1 1.Stock
  • Dienstag 23.10. 16:45 - 18:15 Hörsaal 10 Oskar-Morgenstern-Platz 1 2.Stock
  • Montag 29.10. 15:00 - 16:30 Hörsaal 7 Oskar-Morgenstern-Platz 1 1.Stock
  • Dienstag 30.10. 16:45 - 18:15 Hörsaal 10 Oskar-Morgenstern-Platz 1 2.Stock
  • Montag 05.11. 15:00 - 16:30 Hörsaal 7 Oskar-Morgenstern-Platz 1 1.Stock
  • Dienstag 06.11. 16:45 - 18:15 Hörsaal 10 Oskar-Morgenstern-Platz 1 2.Stock
  • Montag 12.11. 15:00 - 16:30 Hörsaal 7 Oskar-Morgenstern-Platz 1 1.Stock
  • Dienstag 13.11. 16:45 - 18:15 Hörsaal 10 Oskar-Morgenstern-Platz 1 2.Stock
  • Montag 19.11. 15:00 - 16:30 Hörsaal 7 Oskar-Morgenstern-Platz 1 1.Stock
  • Dienstag 20.11. 16:45 - 18:15 Hörsaal 10 Oskar-Morgenstern-Platz 1 2.Stock
  • Montag 26.11. 15:00 - 16:30 Hörsaal 7 Oskar-Morgenstern-Platz 1 1.Stock
  • Dienstag 27.11. 16:45 - 18:15 Hörsaal 10 Oskar-Morgenstern-Platz 1 2.Stock
  • Montag 03.12. 15:00 - 16:30 Hörsaal 7 Oskar-Morgenstern-Platz 1 1.Stock
  • Dienstag 04.12. 16:45 - 18:15 Hörsaal 10 Oskar-Morgenstern-Platz 1 2.Stock
  • Montag 10.12. 15:00 - 16:30 Hörsaal 7 Oskar-Morgenstern-Platz 1 1.Stock
  • Dienstag 11.12. 16:45 - 18:15 Hörsaal 10 Oskar-Morgenstern-Platz 1 2.Stock
  • Montag 07.01. 15:00 - 16:30 Hörsaal 7 Oskar-Morgenstern-Platz 1 1.Stock
  • Dienstag 08.01. 16:45 - 18:15 Hörsaal 10 Oskar-Morgenstern-Platz 1 2.Stock
  • Montag 14.01. 15:00 - 16:30 Hörsaal 7 Oskar-Morgenstern-Platz 1 1.Stock
  • Dienstag 15.01. 16:45 - 18:15 Hörsaal 10 Oskar-Morgenstern-Platz 1 2.Stock
  • Montag 21.01. 15:00 - 16:30 Hörsaal 7 Oskar-Morgenstern-Platz 1 1.Stock
  • Dienstag 22.01. 16:45 - 18:15 Hörsaal 10 Oskar-Morgenstern-Platz 1 2.Stock
  • Montag 28.01. 15:00 - 16:30 Hörsaal 7 Oskar-Morgenstern-Platz 1 1.Stock
  • Dienstag 29.01. 16:45 - 18:15 Hörsaal 10 Oskar-Morgenstern-Platz 1 2.Stock

Information

Ziele, Inhalte und Methode der Lehrveranstaltung

The course aims to make students familiar with the most relevant theories of psychology and economics (behavioral economics). We start reviewing standard economic theories and solution concepts such as Expected Utility Theory for decision making under risk, Samuelson's discounted utility model, and Nash equilibrium for non-cooperative game theory. We then proceed to discuss the weaknesses of these theories in light of empirical evidence from the laboratory, from field data, and even from the student's choices. We proceed to study and discuss alternative models that better fit the regularities described by human choice data and that are well-known in the literature such as Nobel-prize-winning prospect theory, quasi-hyperbolic discounting, quantal response equilibrium, and inequality aversion.

Method:

The course is divided in four modules. In each of the modules a theory of behavioral economics is presented by the lecturer along with its respective empirical regularities. The applications of each of these theories are discussed and presented by the students.

DISCLAIMER: This course is designed for intermediate to advanced bachelor students. Intermediate knowledge of Microeconomics and basic knowledge of Econometrics is recommended.

Art der Leistungskontrolle und erlaubte Hilfsmittel

The grade of the course will be assessed using these criteria:

-Midterm (30%)

-Presentation (30%)

-Research Proposal (40%)

Mindestanforderungen und Beurteilungsmaßstab

The sum of the score of midterm, presentation, and final exam needs to be higher than 50%.

Prüfungsstoff

Module 0: Introduction

Module 1: Decision making under risk
-Expected Value.
-Expected Utility Theory
-The Allais paradox and other anomalities.
-Original Prospect Theory.
-Rank Dependent Utility Theory.
-Cumulative Prospect Theory.

Module 2: Intertemporal Decision-Making.

-Samuelson's discounted utility model.
-Hyperbolic discounting
-Quasi-hyperbolic preferences.
-Alternative models of intertemporal decision-making

Module 3: Behavioral Game Theory

-Non-cooperative game theory and Nash Equilibrium.
-Cognitive Hierarchy Theory
-Quantal response equilibrium.

Module 4: Social Preferences

- Inequity aversion.
- Fairness.
-Other models of social preference

Literatur

-Tversky, A., & Kahneman, D. (1992). Advances in prospect theory: Cumulative representation of uncertainty. Journal of Risk and uncertainty, 5(4), 297-323.

-Kahneman, D., & Tversky, A. (2013). Prospect theory: An analysis of decision under risk. In Handbook of the fundamentals of financial decision making: Part I (pp. 99-127).

-Wakker, P. P. (2010). Prospect theory: For risk and ambiguity. Cambridge university press.

-Gonzalez, R., & Wu, G. (1999). On the shape of the probability weighting function. Cognitive psychology, 38(1), 129-166.

Laibson, D. (1997). Golden eggs and hyperbolic discounting. The Quarterly Journal of Economics, 112(2), 443-478.

Thaler, R. (1981). Some empirical evidence on dynamic inconsistency. Economics letters, 8(3), 201-207.

Frederick, S., Loewenstein, G., & O'donoghue, T. (2002). Time discounting and time preference: A critical review. Journal of economic literature, 40(2), 351-401.

Goeree, J. K., Holt, C. A., & Palfrey, T. R. (2010). Quantal response equilibria. In Behavioural and Experimental Economics (pp. 234-242). Palgrave Macmillan, London.

McKelvey, R. D., & Palfrey, T. R. (1995). Quantal response equilibria for normal form games. Games and economic behavior, 10(1), 6-38.

Bolton, G. E., & Ockenfels, A. (2006). Inequality aversion, efficiency, and maximin preferences in simple distribution experiments: comment. American Economic Review, 96(5), 1906-1911.

Fehr, E., & Schmidt, K. M. (1999). A theory of fairness, competition, and cooperation. The quarterly journal of economics, 114(3), 817-868.

Zuordnung im Vorlesungsverzeichnis

Letzte Änderung: Mo 07.09.2020 15:29