BX2124 - Behavioural Economics for Sustainable Policy
| Credit points: | 03 |
| Year: | 2018 |
| Student Contribution Band: | Band 3 |
| Administered by: | College of Business, Law & Governance |
This subject steps beyond the standard assumption of 'rationality' that is often adopted in economics. The subject explores how beliefs, heuristics, risk and uncertainty, intertemporal decision making and social preferences among others violate the rational economics model regarding decision making processes. In parallel the subject presents 'behavioural' models which have better predictive power regarding individual decision making processes. Finally, the subject touches on the implications from behavioural economics for policy, which is to date, largely based on rational models.
Learning Outcomes
- demonstrate comprehension of the rational and behavioural models by designing an experiment that can be used to validate one model versus the other;
- appraise the way in which the use of beliefs, heuristics and uncertainty can invalidate predictions of the rational economics model;
- appraise empirical shortcomings of the rational model regarding intertemporal choices and social preferences and how behavioural models can do better.
| Prerequisites: | BU1003 OR BU1903 OR EV2003 OR EG4000 |
| Inadmissible Subject Combinations: | EC5217 |
Availabilities | |
| Townsville, Internal, Study Period 2 | |
| Census Date 23-Aug-2018 | |
| Coord/Lect: | Assoc. Professor Riccardo Welters. |
| Contact hours: |
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| Assessment: | end of semester exam (40%); assignments (20%); mid semester test (40%). |
| External, Study Period 2 | |
| Census Date 23-Aug-2018 | |
| Coord/Lect: | Assoc. Professor Riccardo Welters. |
| Contact hours: |
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| Method of Delivery: | WWW - LearnJCU |
| Assessment: | end of semester exam (40%); assignments (20%); online test (40%). |
Note: Minor variations might occur due to the continuous Subject quality improvement process, and in case of minor variation(s) in assessment details, the Subject Outline represents the latest official information.