Behavioural Economics

Subject ECON30019 (2013)

Note: This is an archived Handbook entry from 2013.

Credit Points: 12.50
Level: 3 (Undergraduate)
Dates & Locations:

This subject is not offered in 2013.
Time Commitment: Contact Hours: Three hours of lectures and seminars per week
Total Time Commitment: Not available
Prerequisites:
Subject
Study Period Commencement:
Credit Points:
Not offered in 2013
12.50
Corequisites:

None
Recommended Background Knowledge:

Please refer to Prerequisites and Corequisites.
Non Allowed Subjects:

None
Core Participation Requirements:

For the purposes of considering requests for Reasonable Adjustments under the Disability Standards for Education (Cwth 2005), and Students Experiencing Academic Disadvantage Policy, academic requirements for this subject are articulated in the Subject Description, Subject Objectives, Generic Skills and Assessment Requirements for this entry.

The University is dedicated to provide support to those with special requirements. Further details on the disability support scheme can be found at the Disability Liaison Unit website: http://www.services.unimelb.edu.au/disability/

Contact

guy.mayraz@unimelb.edu.au

Subject Overview:

Behavioural economists develop formal models of human behaviour that are more psychologically realistic than standard economic models. This subject introduces students to research demonstrating departures from perfect rationality and self-interested behaviour, and to formal models of behaviour that were developed in response to these findings. Particular topics will include present-biased preferences, reference-dependence, loss-aversion, belief biases, social-preferences, framing, and happiness research. Implications to public policy would also be considered.
Objectives:
  • Explain behavioural patterns uncovered in behavioural economics.
  • Explain some of the techniques used by behavioural economics to create knowledge.
  • Evaluate the contribution of behavioural economics to economic knowledge.
  • Synthesise and contrast some of the recently created knowledge in behavioural economics with traditional economics.
  • Write coherent accounts of issues in behavioural economics.
Assessment:

A 2-hour end-of-semester examination (70%) and an essay of approximately 3000 words (30%).
Prescribed Texts:

You will be advised of prescribed texts by your lecturer.
Breadth Options:

This subject potentially can be taken as a breadth subject component for the following courses:

You should visit learn more about breadth subjects and read the breadth requirements for your degree, and should discuss your choice with your student adviser, before deciding on your subjects.

Fees Information: Subject EFTSL, Level, Discipline & Census Date
Generic Skills:

  • High level of development: written communication; application of theory to practice; critical thinking; synthesis of data and other information; evaluation of data and other information.

  • Moderate level of development: oral communication; problem solving; interpretation and analysis; accessing data and other information from a range of sources; receptiveness to alternative ideas.

  • Some level of development: collaborative learning; team work; statistical reasoning; use of computer software.

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