ECON43415: EXPERIMENTAL ECONOMICS

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• To develop specialised knowledge in theories of behavioural economics, and test these theories using methods in experimental economics.

• The module is designed to combine the behavioural approach in economics with active classroom experiments. These experiments illustrate simple economic situations, such as markets or auctions, and are used to highlight several economic ideas. We will critically review studies of economic behaviour e.g. markets, bargaining, auctions, game theory, and public choice. We may also discuss key aspects of individual behaviour in isolation, such as choice under uncertainty and choice over time.

Subject-specific Knowledge:

• By the end of the module students will:
• have a comprehensive and detailed knowledge of experimental methods in economics;
• have a critical understanding of methodological considerations including sample design and selection, design of experimental treatments, incentives, control and psychological biases.

Subject-specific Skills:

• By the end of the module students will:
• be able to critically evaluate experiments in economics run in the lab and the field, and the resulting behavioural insights and theoretical predictions;
• be able to design experimental treatments that can identify and test these predictions;
• be able to critically reflect on sample design and self-selection into experiments.

Key Skills:

• Analytical and statistical understanding
• Written communication
• Planning and organisation

• A combination of lectures, seminars and guided reading will contribute to achieving the aims and learning outcomes of this module.
• Classroom experiments will be an essential part of teaching.
• The summative examination will be designed to test the students' critical knowledge and understanding of experimental methods, methodological considerations, and outcomes including their ability to design and critically reflect on appropriate experimental treatments. This will be an open book examination.

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