Universität Wien FIND

040062 UK Behavioral Economics (MA) (2019S)

Track in Behavioral Economics and Experiments

8.00 ECTS (4.00 SWS), SPL 4 - Wirtschaftswissenschaften
Continuous assessment of course work

Details

max. 50 participants
Language: English

Lecturers

Classes (iCal) - next class is marked with N

Thursday 07.03. 16:45 - 18:15 Seminarraum 5 Oskar-Morgenstern-Platz 1 1.Stock
Friday 08.03. 15:00 - 16:30 Seminarraum 3 Oskar-Morgenstern-Platz 1 1.Stock
Thursday 14.03. 16:45 - 18:15 Seminarraum 5 Oskar-Morgenstern-Platz 1 1.Stock
Friday 15.03. 15:00 - 16:30 Seminarraum 3 Oskar-Morgenstern-Platz 1 1.Stock
Thursday 21.03. 16:45 - 18:15 Seminarraum 5 Oskar-Morgenstern-Platz 1 1.Stock
Friday 22.03. 15:00 - 16:30 Seminarraum 3 Oskar-Morgenstern-Platz 1 1.Stock
Thursday 28.03. 16:45 - 18:15 Seminarraum 3 Oskar-Morgenstern-Platz 1 1.Stock
Friday 29.03. 15:00 - 16:30 Seminarraum 3 Oskar-Morgenstern-Platz 1 1.Stock
Thursday 04.04. 16:45 - 18:15 Seminarraum 5 Oskar-Morgenstern-Platz 1 1.Stock
Friday 05.04. 15:00 - 16:30 Seminarraum 3 Oskar-Morgenstern-Platz 1 1.Stock
Thursday 11.04. 16:45 - 18:15 Seminarraum 5 Oskar-Morgenstern-Platz 1 1.Stock
Friday 12.04. 15:00 - 16:30 Seminarraum 16 Oskar-Morgenstern-Platz 1 3.Stock
Thursday 02.05. 16:45 - 18:15 Seminarraum 5 Oskar-Morgenstern-Platz 1 1.Stock
Friday 03.05. 15:00 - 16:30 Seminarraum 3 Oskar-Morgenstern-Platz 1 1.Stock
Thursday 09.05. 16:45 - 18:15 Seminarraum 5 Oskar-Morgenstern-Platz 1 1.Stock
Friday 10.05. 15:00 - 16:30 Seminarraum 3 Oskar-Morgenstern-Platz 1 1.Stock
Thursday 16.05. 16:45 - 18:15 Seminarraum 5 Oskar-Morgenstern-Platz 1 1.Stock
Friday 17.05. 15:00 - 16:30 Seminarraum 3 Oskar-Morgenstern-Platz 1 1.Stock
Wednesday 22.05. 16:45 - 18:15 Seminarraum 5 Oskar-Morgenstern-Platz 1 1.Stock
Thursday 23.05. 16:45 - 18:15 Seminarraum 5 Oskar-Morgenstern-Platz 1 1.Stock
Friday 24.05. 15:00 - 16:30 Seminarraum 3 Oskar-Morgenstern-Platz 1 1.Stock
Friday 31.05. 15:00 - 16:30 Seminarraum 3 Oskar-Morgenstern-Platz 1 1.Stock
Thursday 06.06. 16:45 - 18:15 Seminarraum 5 Oskar-Morgenstern-Platz 1 1.Stock
Friday 07.06. 15:00 - 16:30 Seminarraum 3 Oskar-Morgenstern-Platz 1 1.Stock
Friday 21.06. 15:00 - 16:30 Seminarraum 3 Oskar-Morgenstern-Platz 1 1.Stock
Thursday 27.06. 16:45 - 18:15 Hörsaal 3 Oskar-Morgenstern-Platz 1 Erdgeschoß
Friday 28.06. 15:00 - 16:30 Hörsaal 9 Oskar-Morgenstern-Platz 1 1.Stock

Information

Aims, contents and method of the course

This course is designed to make you familiar with the most relevant concepts from behavioral economics. After following this course, you will be able to understand and provide an answer to the following paradoxes (in economics):

- Why do people pay more for a diamond than for a month’s water consumption even though water is more useful?
-How could the same individual gamble and buy insurance at the same time?
-How is it possible that there exists a market of insurance for extremely low probability events?
-Why do individuals incur in consistent credit card debt?
-Why do individuals fall short from their saving goals?
- Why do individuals donate to charities?
- Why are there tragedies of the commons and how can we solve them?

To explain these paradoxes, you are going to get acquainted with the most relevant theories and solution concepts of the field, namely (Cumulative) Prospect Theory, Rank-Dependent Utility Theory, Hyperbolic Discounting, Inequity Aversion, Level-K theory and Quantal Response Equilibrium.

To understand these alternative theories, we will also review and understand in depth the assumptions of the most relevant standard theories and solution concepts in economics. Namely expected value, expected utility theory, exponential discounting utility, and Nash equilibrium.

Finally, note that my job is to convince you that the alternative theories are better descriptive approximations than their standard counterparts and that I will use data from experiments, data from surveys, data from economic phenomena, and your own decisions!

Assessment and permitted materials

The grade of the course will be assessed using these criteria:
-Final exam and quizzes (40%).
-Presentation (30%).
-Research Proposal (30%).

Minimum requirements and assessment criteria

Students should have completed an introductory econometrics course where they gained basic knowledge of regression analysis, including ordinary least squares (OLS). Also, they should have completed an intermediate microeconomics course, where they gained basic knowledge on decision-making under uncertainty and basic game theory.

Examination topics

Reading list


Association in the course directory

Last modified: Tu 13.08.2019 14:47