Quantitative Economics III
Topic: Behavioral Economics
Date/time/place: Thursday, 12-14, SR 207
Exam: 16.02.2016, 14h, HS3
A sample exam (from 2013) will be discussed during the course. Slides with the solution of the exam are here.
The results of the exam are out. Here's the distribution of the grades (average is 2.7).
If you like to get feedback about your exam: you can come to my office April 4 between 11 to 12 (drop me a line to arrange the precise time).
Re-take of the exam: 15th of June, 10-11, SR308; registration via exam office
Summary:
Behavioral economics incorporates insights from neighboring disciplines (psychology, sociology, biology) into economic theory. Such behavioral aspects can be regarded as complementary to the standard neoclassical model of economics, thus making the predictions of economic theory more aligned with reality.
The lecture provides an overview of theoretical approaches as well as possible applications to markets (e.g., labour markets, consumption, finance).
Outline:
- Outcome-based models of social preferences
- Public goods
- Reciprocity
- Belief-dependent models
- Social-image concerns
- Self-image concerns
- Labour markets
- Consumption
- Preferences: Expected utility vs. prospect theory
- Reference-dependent preferences
- Behavioral finance
