Course

Behavioural Economics - ECON3124

Faculty: Australian School of Business

School: School of Economics

Course Outline: ECON3124 Course Outline

Campus: Kensington Campus

Career: Undergraduate

Units of Credit: 6

EFTSL: 0.12500 (more info)

Indicative Contact Hours per Week: 3

Enrolment Requirements:

Prerequisite: ECON2101

CSS Contribution Charge: 1 (more info)

Tuition Fee: See Tuition Fee Schedule

Further Information: See Class Timetable

View course information for previous years.

Description

Economic research using laboratory and field experiments has discovered robust behavioural deviations from the model of homo
economicus, the rational, egoistic decision maker assumed in “standard” economic theory. In this course -- building on ECON2126 – we
explore the challenges these behavioural regularities poses for economic theory, and will study behavioural economic models of decision
making which aim to incorporate and predict real-world economic behaviour. Specifically we review models of social preferences like
altruism, inequality aversion, sequential and simultaneous reciprocity, as well as models of bounded rationality like decision errors,
learning, limited foresight and limited cognition. The course will also cover issues of behavioural market design, specifically the robustness
of market mechanisms and other institutions against strategic, irrational or socially motivated behaviour.
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