Faculty of Business Studies and Economics

Behavioural Economic Theory

Organisation

The course in Behavioural Economic Theory in the winter semester comprises 4.5 ECTS and is held in English. Following the lecture period, which takes place in the first six weeks of the semester, students must present basic work on applications of behavioural economics, particularly in the field of industrial economics. This presentation is mandatory for the oral exam and can only be done in the winter term as part of the course.

 

For further questions and details, please contact Dr. Tom Rauber.

General information

Lecturer

Prof. Dr. Philipp Weinschenk

Dr. Tom Rauber

Semester

Winter term

Date / Room 

The course will be held mainly online this semester (WS24/25)!

Please contact Tom Rauber for more information about the online kickoff meeting and access to the OLAT course!

Module number

WIW-IOE-BEET-M-7

CP

4,5

Language

English

KIS

Link

OLAT

Link

Module manual

Link

Master's specialization

Economic Theory

Content

  •    The necessity of behavioural economics, its development in recent decades and its significance for the modern economy
  •         Decisions under certainty
  •         Judgement under risk and uncertainty
  •         Decisions under risk and uncertainty
  •         Intertemporal decisions
  •         Strategic interaction
  •         Behavioural economic theory:
    •                 Loewenstein-Prelec model
    •                 Mental accounting
    •                 Reference-dependent preferences
    •                 Chosen preferences
    •                 ERC model
    •                 Further theory from recent publications

Competences and intended learning outcomes

  •         Describe deviations of human behaviour from the model of homo oeconomicus.
  •         Explain important experiments in behavioural economics and their results that are used to characterise human behaviour and decision-making.
  •         Formulate behavioural economic models as a more adequate alternative to the corresponding concepts of neoclassical theory.
  •         Analysis of a variety of economic phenomena using behavioural science concepts.
  •         Develop policy implications based on behavioural economic analysis.
  •         Explain major alternatives to behavioural economic theory.
  •         Embed alternatives to behavioural theory into existing economic models.