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People often make economic decisions that violate the standard assumptions of rationality and self-interest. This paper explores theories of such behaviour that incorporate evidence from psychology and other behavioural sciences.
Economic models often presume (at least implicitly) that decision-makers are rational, self-interested, fully informed and endowed with perfect foresight. It is not difficult to find violations of each of these precepts in real-world economic behaviour, and the study of the "limits to rationality" has become a vibrant and rapidly growing field within economics. This paper will focus on evidence of seemingly "psychological" phenomena in the marketplace and consider how these phenomena can be incorporated into the larger body of economic thought.
|Paper title||Behavioural Economics|
|Teaching period||Semester 1 (On campus)|
|Domestic Tuition Fees (NZD)||$872.70|
|International Tuition Fees (NZD)||$4,405.05|
- 18 200-level ECON points
- Schedule C
- Arts and Music, Commerce, Science
- May not be credited together with ECON351 passed in 2012, 2013, or 2014.
- Teaching staff
- Dr Trent Smith
- Though the lectures will not closely follow any single textbook, it is anticipated that several readings will be drawn from An Introduction to Behavioral Economics by Nick Wilkinson, 2nd edition (2012).
- Graduate Attributes Emphasised
- Global perspective, Interdisciplinary perspective, Lifelong learning, Scholarship,
Communication, Critical thinking, Cultural understanding, Ethics, Information literacy,
View more information about Otago's graduate attributes.
- Learning Outcomes
Students who successfully complete this paper will be introduced to key theories, issues and problems in the area of behavioural economics.
Particular emphasis will be placed upon considering evidence from a broad spectrum of the behavioural sciences, such as social psychology, anthropology and neuroscience, and incorporating this evidence into economic theory.