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Behavioural Economics (10084.1)

Level: Undergraduate Third Year Level
Credit Points: 3
HECS Bands: 2, 3
Faculty: Faculty of Business, Government & Law
Discipline: School of Government & Policy

Availability

Unit Outlines

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  • Winter Term, 2017, ON-CAMPUS, BRUCE (169693) - View

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Syllabus

According to one of its founding authors, behavioural economics is 'economics done with strong injections of good psychology'. It incorporates into economic modelling the study of limitations to cognitive ability, the effects of social interaction, moral motivation, and emotional responses and works out implications for socio-economic welfare. It is informed by empirical findings in psychology, sociology, and economic experiments, and covers studies such diverse themes as compulsion (over-eating), tenacity, addictions (gambling), stereotyping (racism or sexism), time-inconsistent decisions, superstition, self-control and overconfidence. This field has emerged as an important area in modern economics and the social sciences more generally. Businesses have long known the limitations of individual decision making and they commonly use this knowledge in their commercial practices (e.g. in advertising, display strategies, and other ways of getting people?s attention). A good understanding of behavioural economics provides one with a powerful tool to better understand human decisions, a highly-valued skill in the market place.

Learning Outcomes

On successful completion of this unit, students will be able to:

1. Become familiar with the most important issues and concepts in behavioural economics such as understanding habit-governed behaviour and cognitive illusions;

2. Understand the tools taught in class and be able to apply them to the analysis of real world situations;

3. Demonstrate specialised skills to explain patterns of behaviour and how they relate to standard economics assumptions; and

4. Demonstrate a basic understanding of the experimental method in economics and psychology.

Assessment Items

Contact Hours

150 learning hours per semester.

Prerequisites

Introduction to Economics, 6355, OR Foundations of Microeconomics, 9518.

Corequisites

None.

Assumed Knowledge

NONE

Incompatible Units

NONE.

Equivalent Units

NO.



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