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Models of Behavioral Economics and Bounded Rationality (ECO-AD-BEHAVECON)

ECO-AD-BEHAVECON

Purpose

Course Abstract:
Standard economic theory assumes that individuals are fully rational decision-makers; however, that is often not the case in the real world. This course review some of the most standard models in behavioral economics and bounded rationality. We study several well-known behavioral theories such as prospect theory, psychological games, level-k hierarchy, quantal response equilibrium... We also discuss the implications of these behavioral theories and the challenges they face

Description

Tentative topics:

1. Reference-dependent Utility, Ambiguity
2. Fairness, Altruism, Reciprocity
3. Bounded Rationality
4. Modelling Attention

Assessment:

1. Written Research Proposal:

Students will write a short research proposal on a topic related to the themes of the class.

2. Feedback on Other Students’ Research Proposals:

You will write 1-2 page written feedback to the proposal and presentation of two different students, with focus on suggestions for improvements. Please also include a brief summary of what you found would be the main contributions of the project, as well as the proposals’ limitations.

3. Presentation of Your Research Idea

During the last lecture dates, students will present their proposal for about 20 minutes each (depending on enrollment).




 

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