Behavioural Economics (5 op)

Tavoitteet

The student is able to:
- evaluate the effects of psychological, social, cognitive, and emotional factors on economic decision making
- discuss the role of rationality and emotions in purchasing decisions
- explain the mechanisms that define judgment processes

Aika ja paikka

The course begins on January 18th, 2021. Presence on that day in compulsory.
Lectures are on campus on odd weeks, and even weeks via zoom.

Oppimateriaali ja suositeltava kirjallisuus

Literature:
Barden, Phil. (2013). Decoded. The Science Behind Why We Buy. Wiley.
Bazerman, Max H. & Moore, Don A. (2013) Judgment in Managerial Decision Making. Wiley.
Kahnemann, Daniel. (2011). Thinking Fast and Slow. Penguin Books.
Thaler, Richard H. (2015). Misbehaving. The Making of Behavioral Economics. W.W. Norton & Company Inc.
Thaler, Richard H. & Sustein, Cass R. (2008). Nudge. Improving Decisions, about Health, Wealth, and Happiness. Yale University Press.
Please visit the Laurea library to find more information on this topic.
Articles:
Kahnemann, Daniel & Tversky, Amos. (1974) Judgment under Undercertainty: Heuristics and Biases. Science. New Series. Vol. 185, No. 4157 (Sept. 27, 1974), pp. 1124-1131
Thaler, Richard H. (2008). Mental Accounting and Consumer Choice. Marketing Science. Vol. 27, No. 1. January-February 2008, pp. 15-25
From the net:
How You Really Make Decisions
Barry Schwartz: The Paradox of Choice
How Do People Really Make Choices
Dan Ariely: Are We in Control of Our Own Decisions?
Richard Thaler: Nudge - an overview
Richard Thaler: PBS News Hour
Mike Vaughan: How to Ask Better Questions

Toteutustapa

Contact classes, team work, individual work.

Toteutuksen tärkeät päivämäärät

Contact classes and deadlines.

Arviointiasteikko

H-5

Lisätiedot

Behavioral economics assumes that people are boundedly rational actors with limited cognitive processing power and time, whose choices are influenced by the contexts in which decisions are embedded. (Samson, Behavioral Economics Guide 2017)
Behavioral economics takes into account the effects of psychological, social, cognitive, and emotional factors on economic decision making. During this course we will study them, discuss the role of rationality and emotions in purchasing decisions and seek to understand the mechanisms that define judgment processes.