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Behavioral economics

  • Class 30
  • Practice 30
  • Independent work 120
Total 180

Course title

Behavioral economics

Lecture type

Obligatory

Course code

22-04-500

Semester

1

ECTS

6

Lecturers and associates

Course overview

The objectives of this module is to enable students to:
• learn the foundations of behavioral economics and its relationship to traditional economics,
• interpret the fundamental constructs of behavioral economics and their impact on human behavior in different areas of action.
Marketing is a part of economics, and behavioural economics is an important part of economic knowledge. Traditional economic models do not capture some behavioural aspects that are captured with the field of behavioural economics. It is especially important for decision-making and buying decisions, therefore it represents one of the core modules of this programme.
It is important for students and future marketing experts to gain the knowledge about human behaviour, which contributes to better marketing and business decisions. Regardless of the field of activity (private companies, public services, non-profit organizations, business organizations, etc.), knowledge of the constructs of behavioural economics and their impact on human behaviour helps to create better business decisions, but also to find good methods for the implementation of these decisions. All constructs and problems are illustrated with real examples, as well as through an analysis of recent research and the insights gained by that research.

Literature

Essential reading:
1. Just, D.R. (2013) Introduction to Behavioral Economics. [s.l.] Wiley.

Recommended reading:
1. Camerer, C.F. (2003) Advances In Behavioral Economics. [s.l.] Princeton University Press.
2. Kahneman, D. (2013) Thinking, Fast and Slow. New York: Farrar, Straus and Giroux.

Further reading:
1. Ariely, D. (2010) Predictably Irrational. New York: Harper Perennial.
2. Kahneman, D. and Tversky, A., (1979) ‘Prospect Theory: An Analysis of Decision under Risk’. Econometrica. 47(2), p263-292.
3. Kahneman, D. (2003) ‘Maps of Bounded Rationality: Psychology for Behavioral Economic’. The American Economic Review. 93(5), p1449-1475.

Preuzmi vodič za studente

Minimal learning outcomes

  • Identify the areas behavioural economics deals with and its development.
  • Interpret basic concepts of behavioural economics.
  • Evaluate elements on which decision-making and prospect theory are based.
  • Explain reasons why people behave in certain ways and the basics of neuroeconomics.
  • Assess the impact of insights of behavioural economics to organizations and organizational behaviour.
  • Assess ways in which public policies can influence decision-making and behaviour.
  • Evaluate recent research and insights in the area of behavioural economics.

Preferred learning outcomes

  • Interpret the foundations of behavioural economics and the areas of its application.
  • Interpret the influence of basic concepts of behavioural economics on human behaviour.
  • Critically discuss how the basic concepts of behavioural economics influence decision-making process and the choice of an individual.
  • Assess reasons of individual's behaviour in economic context.
  • Evaluate organizational decisions in the context of behavioural economics.
  • Explain the influence of public policies on individual's decision-making and behaviour.
  • Critically assess recent research in the area of behavioural economics.
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