Behavioral Psychology and Economics : Syllabus of The Course ( 2018-19)

Syllabus of the Course (2018-2019)

The Course is taught with Prof Giacomo Sillari

Course Content  ♥ Essential readings

•1.     Introduction. Do human being behave rationally? Decision Theory primer.

            Allais and Ellsberg paradoxes.

Basic requirements for the Course

Utility Theory and Experimental  Violations

Wason Selection task

The basic ideas of Behavioral Economics

  •  Readings: Plous, “The Psychology of Judgement and Decision Making”,  ch 7 and 8
  •  ♥Tversky and Kahneman “Rational Choice and the framing of decisions”  The Journal of Business, vol.59, n.4 pp. s251-s278 (required)

•2.     Cognition. Dual Process of reasoning; judgment and decision making.

  •  ♥Required Readings: Kahneman, “Maps of Bounded Rationality” (Nobel Prize Lecture)

•3     Prospect Theory. Value function; Endowment Effect; Mental Accounting

           ♥Basic Properties of Prospect Theory

          ♥Required Readings: Plous, ibidem, chs. 9,

  • Shiller’ introduction to Prospect Theory

•4.     Heuristics and Bias (Law of small numbers. Anchoring. Availability. Conjunction Fallacy.Base-rate Fallacy. Regression to the mean)

  • a. Required Readings: Plous, ibidem, chs. 10-15
  • b. Suggested Readings, Plous, ibidem, chs. 17-18

•5.     Behavioral Law and Economics

  • a. Required Readings:
  • Jolls “Behavioral Law and Economics” 2004

•6.     Behavioral Finance (or an experiment to be agreed with the students )

  •  Required Readings:
  •  Egidi and Sillari The Psychology of Financial Choices

Reference reading material

Tversky and Kahneman “Rational Choice and the framing of decisionsThe Journal of Business, vol.59,n.4 pp. s251-s278

Download Tversky and  Kahneman Rational Choice

Download  Shiller’ talk on Prospect Theory

Download  Expected Utility and Prospect Theory

Download The Dual Process Account of Reasoning

Daniel Kahneman, ” Maps of bounded rationality: A perspective on intuitive judgment and choice” , Nobel Prize Lecture, 20028-O

Download Kahnemann Nobel Lecture

Download  Egidi and Sillari The Psychology of Financial Choices

Scott Plous, The Pshychology of Judgment and decision Making, McGraw-Hill ,1993:-|

Applications to : Political Choice, Finance, Law and Economics

George A. Quattrone and Amos Tversky “Contrasting rational and psychological analyses of political choice” , The American Political Science Review, Vol. 82, No. 3 (Sep., 1988), pp. 719-736 1988

Download  Quattrone Tversky  “Contrasting rational and psychological analyses of political choice”

Nicolas Barberis and Richard Thaler: “A Survey of Behavioral Finance”, Handbook of the Economics of Finance, Volume 1, Part B, pp. 1053-1075, 2003 – Elsevier;-)

 Download Barberis Thaler  Behavioral Finance

Christine Jolls,  Behavioral Law and Economics  Working Paper  12879 , NBER, 2007

Download Jolls Behavioral Law and Economics

Behind consumer decisions: Neuromarketing

Educational goals    This course is intended to allow students to become familiar with  the  behavioral approach to economics and to political  decision making . While this approach is based on the experimental data about human reasoning (provided by cognitive psychology) , students will be driven to test experimentally properties and assumptions on human decisions. Major goals will be that of enabling students to gain in-depth understanding of the major aspects of  behavioral decision-making under uncertainty, and applications to economics, politics and finance, as well as to apply effectively the theories to ongoing debates, in order to raise their interest in carrying out research in this field.

Teaching method  In-class lectures, computer-aided exercises and test sets, tutorials,

Assessment Method  Computer-aided written and oral exam

Criteria for deciding on subject of final paper  Exam grade, one-on-one colloquium

Preparatory courses   Microeconomics , Elementary Statistics

Preliminary  basic notions

Advanced Papers on Expected Utility

Records of some past examinations

Exams July 2013

Exams September 2013

Exams September 2014

Exams 2015-01

Exams 2015 May

Exams 2015 June

Exams   Exam 2015 07 01

Exams November 09th 2015

Exams May 26 th 2016

Exams  June 16 2016

Exams June 20th 2016

Exam September 2016

Exam May 2017 h 9:00

Exam May 2017 h 11:30

Exam June 2017

Exam July 2017

Exam Septmember 2017

2018 05

Exam June 2018

Exam July 2018

Exam September 2018

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