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- Code:
- ECOK-252
- Field:
- Behavioral Economics
- Target:
- Bachelor's students
- Organiser:
- University of Helsinki - Economics
- Instructor:
- Klaus Kultti
- Period:
- Period 2
- Format:
- Participation in teaching
- Method:
- Contact teaching
- Venue:
- Economicum
- Enrollment:
In case of conflicting information consider the Sisu/Course/Moodle pages the primary source of information.
Aalto, Hanken and UH economics students can enroll through their home university’s SISU. Further instructions are available on the How to enroll? page, also for students from other universities.
If you would like to count the credits towards your degree, please check your curriculum or contact your supervisor or student services for guidance.
- To access the Moodle course area, use all the features and participate in the activities (assignments, discussions), you must have successfully registered for the course in Sisu and logged in with your UH user ID.
- For more information on how to activate your UH user ID and register for a Moodle course area, click here.
Content
In the course we examine economically interesting anomalies, i.e. exceptions or irregularities, that do not fit into the theories of standard economics. These arise from both observational data and experimental designs. Theories of behavioral economics aim to explain these anomalies. We will focus in particular on prospect theory which studies decision making under uncertainty, and hyperbolic discounting which studies decision making over time. We will also learn how social preferences affect strategic behavior. Time permitting, some interesting experimental designs from experimental economics will be presented. At the end of the course, the student should have a basic understanding of the above-mentioned topics.
Students are required to complete exercises related to some lectures and to keep a lecture diary for other lectures.
Learning outcomes
Students will become familiar with key models and their results in behavioral economics, and understand how and why they differ from the standard model of economics and its results. In particular, they will learn to apply prospect theory and alternative intertemporal choice models to simple situations. They will also learn to understand how new theoretical developments arise from previous models and their problems.