Behavioural Economics and Applications
Organisation
The course in Behavioural Economics and Applications 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-BEIE-M-7 |
CP | 4,5 |
Language | Englisch |
KIS | |
OLAT | |
| Module manual | |
Master's specialization |
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
- Applications in industrial economics:
- Markets with naive consumers
- Negative wage elasticities
- Empirical evidence
- Behavioural economic modifications of industrial economics models
- Further applications in industrial economics from recent publications.
Competences and intended learning outcomes
- describe deviations of human behaviour from the model of homo oeconomicus.
- explain key 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.
- Analyse 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.
- Apply behavioural economic concepts to analyse the behaviour of market participants.
- Demonstrate how companies benefit from naive consumers.