Behavioural and Experimental Economics

online course

This course provides a foundation in behavioural economics and the role of experimental methods in economics. The traditional approach in economics is to explain market outcomes and economic decision-making using simple theoretical models based on perfectly rational, self-interested agents who maximise their well-being by carefully weighing up the costs and benefits of different alternatives. Behavioural economics, on the other hand, aspires to relax these stringent assumptions and develop an understanding of how real people actually make decisions. Analogously, experimental economics also contrasts with the approach that, until recently, was more standard. It uses laboratory techniques as a supplement or alternative to drawing data exclusively from the field. This course will introduce students to behavioural and experimental economics, discuss these fields from a methodological perspective and examine several areas of economic analysis in which they are applied.

Course leader

Drouvelis Michalis, University of Birmingham, United Kingdom

Target group

Master students and Bachelor students in their final year of study

Course aim

The course’s objectives are summarized as follows:
1. To engender thinking about economics as an empirical science and what that entails.
2. To introduce students to attempts to relax conventional assumptions such as unlimited rationality and own-payoff maximisation.
3. To provide a foundation knowledge relating to the design and implementation of appropriate experimental tests of economic theories.

Learning outcomes:
The course’s learning outcomes are summarized as follows:
1. To demonstrate a broad knowledge of current issues pertaining to the field of behavioural and experimental economics.
2. To demonstrate understanding of verbal, graphical and mathematical representation of economic ideas and analysis, including the relationship between them.
3. To justify conclusions using economic claims with appropriate rigour.

Credits info

7 EC
Certificate of Attendance: awarded at the end of the summer school to all students who complete the 3-week programme.
Transcript of records (with credits and grades): awarded only to students who complete all course obligations and pass the final examination.

Fee info

EUR 500: What is included?

- tuition for online synchronous lectures and access to all course materials/software/platforms;
- non-refundable registration/administrative fee,
- Certificate of Attendance and Transcript of records;
- professional administrative support before, during and after the programme;
- some organized activities during the programme to foster the intercultural experience.

Scholarships

None.