Behavioural and Experimental Economics
Inhoud
Lectures ................................................................................................................................................... 2
Lecture 1 – introduction .......................................................................................................................... 2
Lecture 2 – values, preferences and choice .......................................................................................... 14
Experimental Session 1.......................................................................................................................... 23
Lecture 3 – Beliefs, Heuristics and Biases ............................................................................................. 33
Lecture 4: Mental accounting & decision making under risk/uncertainty ............................................ 50
Lecture 24/2/2021 – discounting & intertemporal choice.................................................................... 61
Lecture 2/3/2021 -................................................................................................................................. 72
Lecture 3-3-2021 ................................................................................................................................... 83
Lecture 7 – Q&A .................................................................................................................................... 92
Quizlet practice flashcards BE ............................................................................................................. 100
Behavioural and Experimental Economics Readings........................................................................... 100
Paper Fehr & Tyran – Individual Irrationality and Aggregate Outcomes ............................................ 100
Chapter 1 – Nature of Behavioural Economics ................................................................................... 104
Chapter 2 – Methodology ................................................................................................................... 111
Chapter 3 – Values, Preferences and Choices ..................................................................................... 120
Group Paper Example – Ballots ........................................................................................................... 125
Introduction..................................................................................................................................... 125
Productivity and Motivation............................................................................................................ 126
Conditional and unconditional gifts and productivity ..................................................................... 128
Validity ............................................................................................................................................. 128
Experiment Manual ......................................................................................................................... 131
References ....................................................................................................................................... 134
,Lectures
Lecture 1 – introduction
Send as much as you have for a feedback meeting, the more you send the more feedback you get.
Exam that takes place at home will be with Proctorio.
They don’t want take home exams, those are very sensitive to fraud.
,After the first lecture, everything will be prepared in brightspace.
We will be assigned to a team.
BEE Team 5 L4, for example.
No questions on the exam about the experimental meetings. The experimental meetings are there to
help you design your own experiment with your team.
, Behavioural economics is defined by what it tries to achieve.
Define behavioural economics by what it is trying to do.
The second way of defining BE is by looking at the methods of BE.
Experiments were not common in economics when BE came about.
Behavioural economics is about explaining the explanatory power of economics.
We do not only want to predict, we want to explain economic phenomena.
Where economics and psychology meet, you have behavioural economics.
We don’t want to get rid of the standard economic model, we just want to add to it.
Three things that behavioural economics does differently.
It is about empirical validity. We don’t want to say that human behaviour is always rational.
We want to describe behaviour as accurately as possible.
Inhoud
Lectures ................................................................................................................................................... 2
Lecture 1 – introduction .......................................................................................................................... 2
Lecture 2 – values, preferences and choice .......................................................................................... 14
Experimental Session 1.......................................................................................................................... 23
Lecture 3 – Beliefs, Heuristics and Biases ............................................................................................. 33
Lecture 4: Mental accounting & decision making under risk/uncertainty ............................................ 50
Lecture 24/2/2021 – discounting & intertemporal choice.................................................................... 61
Lecture 2/3/2021 -................................................................................................................................. 72
Lecture 3-3-2021 ................................................................................................................................... 83
Lecture 7 – Q&A .................................................................................................................................... 92
Quizlet practice flashcards BE ............................................................................................................. 100
Behavioural and Experimental Economics Readings........................................................................... 100
Paper Fehr & Tyran – Individual Irrationality and Aggregate Outcomes ............................................ 100
Chapter 1 – Nature of Behavioural Economics ................................................................................... 104
Chapter 2 – Methodology ................................................................................................................... 111
Chapter 3 – Values, Preferences and Choices ..................................................................................... 120
Group Paper Example – Ballots ........................................................................................................... 125
Introduction..................................................................................................................................... 125
Productivity and Motivation............................................................................................................ 126
Conditional and unconditional gifts and productivity ..................................................................... 128
Validity ............................................................................................................................................. 128
Experiment Manual ......................................................................................................................... 131
References ....................................................................................................................................... 134
,Lectures
Lecture 1 – introduction
Send as much as you have for a feedback meeting, the more you send the more feedback you get.
Exam that takes place at home will be with Proctorio.
They don’t want take home exams, those are very sensitive to fraud.
,After the first lecture, everything will be prepared in brightspace.
We will be assigned to a team.
BEE Team 5 L4, for example.
No questions on the exam about the experimental meetings. The experimental meetings are there to
help you design your own experiment with your team.
, Behavioural economics is defined by what it tries to achieve.
Define behavioural economics by what it is trying to do.
The second way of defining BE is by looking at the methods of BE.
Experiments were not common in economics when BE came about.
Behavioural economics is about explaining the explanatory power of economics.
We do not only want to predict, we want to explain economic phenomena.
Where economics and psychology meet, you have behavioural economics.
We don’t want to get rid of the standard economic model, we just want to add to it.
Three things that behavioural economics does differently.
It is about empirical validity. We don’t want to say that human behaviour is always rational.
We want to describe behaviour as accurately as possible.
