Universität Wien
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040075 UK Principles of Behavioral and Experimental Economics (BA) (2019S)

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

Registration/Deregistration

Note: The time of your registration within the registration period has no effect on the allocation of places (no first come, first served).

Details

max. 50 participants
Language: English

Lecturers

Classes (iCal) - next class is marked with N

Thursday 07.03. 16:45 - 18:15 Hörsaal 12 Oskar-Morgenstern-Platz 1 2.Stock
Friday 08.03. 11:30 - 13:00 Hörsaal 8 Oskar-Morgenstern-Platz 1 1.Stock
Thursday 14.03. 16:45 - 18:15 Hörsaal 12 Oskar-Morgenstern-Platz 1 2.Stock
Friday 15.03. 11:30 - 13:00 Hörsaal 8 Oskar-Morgenstern-Platz 1 1.Stock
Thursday 21.03. 16:45 - 18:15 Hörsaal 12 Oskar-Morgenstern-Platz 1 2.Stock
Friday 22.03. 11:30 - 13:00 Hörsaal 8 Oskar-Morgenstern-Platz 1 1.Stock
Thursday 28.03. 16:45 - 18:15 Hörsaal 12 Oskar-Morgenstern-Platz 1 2.Stock
Friday 29.03. 11:30 - 13:00 Hörsaal 8 Oskar-Morgenstern-Platz 1 1.Stock
Thursday 04.04. 16:45 - 18:15 Hörsaal 12 Oskar-Morgenstern-Platz 1 2.Stock
Friday 05.04. 11:30 - 13:00 Hörsaal 8 Oskar-Morgenstern-Platz 1 1.Stock
Thursday 11.04. 16:45 - 18:15 Hörsaal 12 Oskar-Morgenstern-Platz 1 2.Stock
Friday 12.04. 11:30 - 13:00 Hörsaal 8 Oskar-Morgenstern-Platz 1 1.Stock
Thursday 02.05. 16:45 - 18:15 Hörsaal 12 Oskar-Morgenstern-Platz 1 2.Stock
Friday 03.05. 11:30 - 13:00 Hörsaal 8 Oskar-Morgenstern-Platz 1 1.Stock
Thursday 09.05. 16:45 - 18:15 Hörsaal 12 Oskar-Morgenstern-Platz 1 2.Stock
Friday 10.05. 11:30 - 13:00 Hörsaal 8 Oskar-Morgenstern-Platz 1 1.Stock
Thursday 16.05. 16:45 - 18:15 Hörsaal 12 Oskar-Morgenstern-Platz 1 2.Stock
Friday 17.05. 11:30 - 13:00 Hörsaal 8 Oskar-Morgenstern-Platz 1 1.Stock
Thursday 23.05. 16:45 - 18:15 Hörsaal 12 Oskar-Morgenstern-Platz 1 2.Stock
Friday 24.05. 11:30 - 13:00 Hörsaal 8 Oskar-Morgenstern-Platz 1 1.Stock
Friday 31.05. 11:30 - 13:00 Hörsaal 8 Oskar-Morgenstern-Platz 1 1.Stock
Thursday 06.06. 16:45 - 18:15 Hörsaal 12 Oskar-Morgenstern-Platz 1 2.Stock
Friday 07.06. 11:30 - 13:00 Hörsaal 8 Oskar-Morgenstern-Platz 1 1.Stock
Thursday 13.06. 16:45 - 18:15 Hörsaal 12 Oskar-Morgenstern-Platz 1 2.Stock
Friday 14.06. 11:30 - 13:00 Hörsaal 8 Oskar-Morgenstern-Platz 1 1.Stock
Friday 21.06. 11:30 - 13:00 Hörsaal 8 Oskar-Morgenstern-Platz 1 1.Stock
Thursday 27.06. 16:45 - 18:15 Hörsaal 12 Oskar-Morgenstern-Platz 1 2.Stock
Friday 28.06. 11:30 - 13:00 Hörsaal 8 Oskar-Morgenstern-Platz 1 1.Stock

Information

Aims, contents and method of the course

The course provides an overview on the most important topics in Behavioral and Experimental Economics. Behavioral economics attempts to make economics a more relevant and powerful science of human behavior by integrating insights from psychology and the social sciences into economics. Experimental economics adapts methods developed in the natural sciences to study economic behavior. Experiments are valuable in testing to what extent the integration of insights from other disciplines into economics is necessary and fruitful.

Behavioral and Experimental Economics is a vibrant field of research in economics and sheds new light on many old and important issues in economics. The field has received wide recognition in recent years, for example by the award of the Nobel Prize in Economics 2002 to Daniel Kahneman and Vernon Smith (the Nobel Prize winners Reinhard Selten 1994, Elinor Ostrom in 2009, and Alvin Roth 2012 have also importantly contributed to Experimental Economics; the winners George Akerlof 2001 and Robert Shiller 2013 have contributed to Behavioral Economics). The field is rapidly growing. While this course can therefore not completely review every aspect of the field, it nonetheless tries to present an overview of important topics.

In particular, the course will discuss the following topics:
• Introduction: Behavioral Economics & Experimental Method
• Individual Choice: Biases & Heuristics
• Markets and Strategic Thinking
• Fairness and Cooperation
• Happiness Economics

In discussing these topics, the course addresses the following questions:
1) What are the advantages and limitations of experimental economics?
2) How important are deviations from the assumptions of full rationality and strict self-interest in determining outcomes of economic interaction?

I argue that identifying individual-level “anomalies” is not sufficient to demonstrate their economic and social importance. Instead, it must be analyzed how institutions mitigate and multiply these anomalies. A broad range of institutions, including markets, bargaining and voting is discussed.

Assessment and permitted materials

There will be a midterm exam (closed book, English, 40% of final grade) and a final exam (closed book, English, 40% of final grade). In addition, 20% of the grade will be determined by “participation” (in the lecture, demonstrations experiments and potentially some homework) as discussed in more detail in the first class.

Minimum requirements and assessment criteria

The sum of the score of midterm, final, and “participation” needs to be higher than 50%.

Examination topics

Reading list

The main references are selected journal articles to be announced in the respective lectures notes.

Association in the course directory

Last modified: Mo 07.09.2020 15:28