Summer School at U Copenhagen
All materials for the summer school have been migrated to my Vienna webpage. They are password-protected. I will inform you about the password in the first lecture.
The course starts August 5, 2019 and lectures end August 23. The exam will be held August 26, 2019, time and place tba.
Behavioral economics attempts to make economics a more relevant and powerful science of human behavior by integrating insights from psychology and the social sciences into economics. Experimental economics adapts methods developed in the natural sciences to study economic behavior. Experiments are valuable in testing to what extent the integration of insights from other disciplines into economics is necessary and fruitful.
Behavioral and Experimental Economics is a vibrant field of research in economics and sheds new light on many important issues in economics. The field has received wide recognition, and the field is rapidly growing. This course can therefore not provide a comprehensive overview but concentrates on selected topics instead.
The course addresses the following questions:
· What are the advantages and limitations of experimental economics?
· How can (different types of) experiments be used to shed new light on important questions in economics?
· How important are deviations from the assumptions of full rationality and strict self-interest in determining outcomes of economic interaction?
I argue that identifying individual-level “anomalies” is not sufficient to demonstrate their economic and social importance. Instead, it must be analyzed how institutions mitigate and multiply these anomalies. A broad range of institutions, including markets, bargaining and voting is discussed.
Requirements: A sound knowledge of microeconomics and game theory is required.
Successful completion of this course earns students 7.5 ECTS credits.
Grading: a) participation in experiments and analysis of experimental data is required for admission to final exam, b) 100% final exam (2 hours). The assessment language is English.
a) Participating in all demonstration experiments is an essential element of this course. However, you are not expected to prepare these experiments. You earn a pass if you are present, are attentive and make “reasonable” choices during the experiment.
b) Assignments: Students must provide a rough analysis after each experimental session and answer specific questions concerning the experiment. Knowledge of the literature is not expected at this stage (we will talk about the experiments in the lecture). Maximum length of a paper: Cover page plus max. 4 pages of text (see separate guidelines for more details). Students work in groups of (2 or) 3. Papers are graded as “pass” or “fail” and at least 1 “pass” paper is required for admission to the final exam.
b) The final exam covers the content of the lecture (2 hours, closed book, English).