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ECON2141: Behavioural and Experimental Economics

Please ensure you check the module availability box for each module outline, as not all modules will run in each academic year. Each module description relates to the year indicated in the module availability box, and this may change from year to year, due to, for example: changing staff expertise, disciplinary developments, the requirements of external bodies and partners, and student feedback. Current modules are subject to change in light of the ongoing disruption caused by Covid-19.

Type Open
Level 2
Credits 20
Availability Available in 2023/24
Module Cap
Location Durham
Department Economics

Prerequisites

  • Principles of Economics (ECON1011) AND EITHER Economic Methods (ECON1021) OR Calculus I (MATH1061) AND Linear Algebra I (MATH1071) AND Probability I (MATH1597) AND Statistics I (MATH1617)

Corequisites

  • None

Excluded Combinations of Modules

  • None

Aims

  • To provide an understanding of theories in behavioural economics.
  • To provide training and exposure to experimental economics
  • Identify and understand the elements of experimental design
  • Analyse and critique an experimental design
  • Design and conduct an experiment

Content

  • The course will expose students to theories of behavioural economics, and is likely to include:
  • Shortcomings of the rational choice model and deviations from the Expected Utility Theory
  • Prospect theory and preference dependence
  • Time preferences
  • Social preferences and fairness
  • The contribution of experimental economics to understanding the behavioural side of economics, mainly:
  • What is an experiment
  • Why do experiments
  • Control in experiments
  • Statistics and design
  • Protocol and implementation
  • Field experiments
  • Additional topics may include:
  • Experimental tests of game theory
  • Social dilemmas and public goods
  • Empirical application of Experiments: development and Islamic finance

Learning Outcomes

Subject-specific Knowledge:

  • At the end of the module students should be able to understand research contributions in behavioural and experimental economics.

Subject-specific Skills:

  • Be able to apply problem solving and analytical skills to behavioural economic issues.
  • Be able to design experiments to test hypotheses that are related to economic theory.
  • Ability to identify behavioural aspects (either divergence or convergence) of economic theory.

Key Skills:

  • Written communication - through formative and summative assessments.
  • Oral communication - presenting of papers and participating in seminars.
  • Planning, organising and time management - preparing for presentation, class discussions and examination.
  • Problem solving and analysis - applying the necessary analytical and quantitative skills, as well as the ability to manipulate economics concepts, in answering exam questions and writing the summative assignment.
  • Numeracy - by applying core mathematical and statistical skills to answer a range of exam questions.

Modes of Teaching, Learning and Assessment and how these contribute to the learning outcomes of the module

  • Teaching is by lectures and seminars supported by classroom experiments through the medium of a virtual online laboratory. Learning takes place through attendance at lectures, preparation for and participation in seminars, experiments and private study.
  • Formative assessment to prepare for online exam.
  • Summative assessment is by means of online examination to test students' knowledge and understanding of the subject-matter worth 100% of the module mark.

Teaching Methods and Learning Hours

ActivityNumberFrequencyDurationTotalMonitored
Lectures201 per week1 hour20 
Seminars84 in Term 1, 4 in Term 21 hour8Yes
Revision Lectures21 per week 1 hour2Yes
Preparation and Reading170 
Total200 

Summative Assessment

Component: ExaminationComponent Weighting: 100%
ElementLength / DurationElement WeightingResit Opportunity
One written online examination2 hours 3,000 words100Same

Formative Assessment

One written piece of work to prepare students for the summative exam.

More information

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