Netherlands, Nijmegen

Experiments in Behavioural Economics: Methodology and Applications

when 5 August 2019 - 9 August 2019
language English
duration 1 week
credits 2 ECTS
fee EUR 600

The suggested course is a combination of lectures regarding the main insights from behavioral economics and the methodology of the both lab experiments and network analysis on people's economic behavior.

A usual complaint about economic theory courses we hear from students sounds like "but it does not work like this in real life!" Unfortunately, studying general cases takes too much time to explain that life is a special case of a general rule.
During the suggested course we will reconcile theory and practice: we will see how mental and emotional filters shape the choice people make personally and as a group within experimental setup and via social networks. This will be done in a form of experiments and analysis of experimental results. You will be given appropriate methodology and in the end of the course you will design your own experiment aimed at suggestions in public policy or business strategy.
The topics discussed during the course will be:
•Homo Economicus concept revision: rationality vs egoistic behavior. Constraints revision: are there only time and budget constraints?
•Why economics needs psychology. Emotions, cognitive schemes;
Interactive experiment;
•Discussion of the results of the experiment. Public good game basic setup: what new? Trust, prosocial and antisocial punishment. Disctator and Ultimatum games - main results and real life applications;
•Lab experiments methodology: (a) data collection and exploration; clustering and regression in public good dames, linear regression and Dictator and Ultimatum games, statistical sampling;
•Heuristics: main findings from behavioral economics literature;
•Decisions under uncertainty and probabilistic mistakes, robust methods;
•Nudges: a novel approach to lawmaking or a manipulation? Hypothesis testing;
•Wellbeing and happiness: behavioral economics approach; classifying behaviors.

Course leader

Nadia Shilova
Assistant professor
National Research University Higher School of Economics
Moscow, Russia

Mario Rosario Guarracino
Staff researcher
Italian National Research Council

Target group

Advanced bachelor, master and PhD. The course will be interesting for several targets groups. First of all, students of economic faculties might be interested in changes that psychological factors implement in utility functions, and how these changes affect economics outcomes. Students of Marketing faculties might be interested in new promotion strategies suggested by behavioral economists. Students of Management faculties would appreciate the theory of nudges and their philisophical meaning in terms of lawmaking and management in organizations.

Course aim

After this course you are able to:
•Understand behavioral patterns of economic agents;
•Improve own decision making schemes and make better decisions;
•Design and perform economic experiments given marketing or governmental policy aims;

•Analyse the results of the experiments;


•Give policy suggestions in the related spheres.

Fee info

EUR 600: Normal fee

Scholarships

€ 540 early bird discount – deadline 1 March 2019 (10%)
€ 510 partner + RU discount (15%)
€ 450 early bird + partner + RU discount (25%)