Behavioral Economics combines economic and psychological principles to explain observed economic behaviors that both violate the rationality assumption and deviate from standard prediction. There are two general streams of works in Behavioral Economics: Behavioral Decision Theory (BDT) and Behavioral Game Theory (BGT). BDT identifies and explains inconsistent choice behaviors in individual decision making. BGT identifies and explain boundedly rational actions in strategic decision making.
The goal of the course is to equip students with the theory and framework to understand the inconsistent choices and boundedly rational actions observed in experiments, and to identify similar inconsistency and bounded rationality in choices and actions in business. Finally, in applying behavioral economics to nudge behavioral change, students will have their first exposure to become the choice architect of a real life situation.
Course Date & Time
Thursdays 18:30 - 21:30 (Singapore time).