EC241: Experimental Economics
Lory Barile
Module Leader
Love Idahosa
Module Lecturer
Taha Movahedi
Module Lecturer
Principal Aims
The module will cover selected topics in experimental economics. Experimental economics was pioneered by Vernon Smith, the Nobel Prize in Economics in 2002This module is different from behavioural economics. Behavioural economics aims to improve economic analysis using psychological insights.
Experimental economics is rather a research method applied to the various topics in economic analysis as well as evaluating effects of policy change. The experimental economics setup ranges from using laboratory to field or natural settings which allows to test the relationship between two variables in an controlled environment, and remove the effects of external factors.
Principal Learning Outcomes
To demonstrate understanding of and apply basic principles of experimental design, conduct and analysis. The teaching and learning methods that enable students to achieve this learning outcome are Lectures, seminars, independent study and reading.
Evaluate the main controversies in mainstream economics. The teaching and learning methods that enable students to achieve this learning outcome are Lectures, seminars, independent study.
Develop plausible models of behaviour that cannot be explained by the standard economic rational agent-based theories. The teaching and learning methods that enable students to achieve this learning outcome are Lectures, seminars, independent study and reading.
Communicate an understanding of experimental economics using appropriate methodologies. The teaching and learning methods that enable students to achieve this learning outcome are Lectures, seminars, independent study and reading
Syllabus
Broadly, the syllabus may cover some of the following topics:
History of Experimental Economics
Types of experiments
Experimental Design and Practice
Experimental Ethics
Experiments in the Laboratory, Field and Online
When Should We Use Experiments
Real Effort Tasks and Experimental Incentives
Software In Experimental Economics
Measuring Mood and Emotions in Experiments
Measuring Risk and Patience in Experiments
Modelling Markets and Interaction in Experiments
Conflict, Coordination and Cooperation
Using Games in Experiments
Learning and Repetition in Experiments
Experimental Data Analysis and Reporting Experimental Results
Policy and Behaviour (topics in education, discrimination)
Assessing and Critiquing Experimental Papers
As well as these more general topics, we may also examine specific experimental papers in different fields such as behavioural economics, public economics, political economy, game theory, labour economics, etc.
Context
- Optional Module
- LM1D (LLD2) - Year 2, L1PA - Year 1, V7ML - Year 2, LA99 - Year 2, R9LA - Year 2, R3L4 - Year 2, R4L1 - Year 2, R2L4 - Year 2, R1L4 - Year 2, V7MM - Year 2, L1CA - Year 2
- Pre or Co-requisites
EC107-30 Economics 1 AND EC139-15 or EC140-15 AND EC122-15 or EC124-15 OR
EC109-30 Microeconomics 1 AND EC139-15 or EC140-15 AND EC122-15 or EC124-15
Summary:Modules: (EC107-30 or EC109-30) and (EC139-15 or EC140-15) and (EC122-15 or EC124-12)
Assessment
- Assessment Method
- Coursework (20%) + In-person Exam (80%)
- Coursework Details
- Assignment 1 (20%) , In-person Exam (80%)
- Exam Timing
- Summer
Exam Rubric
Time Allowed: 2 Hours
Read all instructions carefully - and read through the entire paper at least once before you start entering your answers.
There are TWO sections in this paper. Answer ONE question in Section A (50 marks) and ONE question in Section B (50 marks).
Answer each whole question in a separate booklet.
Approved scientific (non-graphical) pocket calculators are allowed.
You should not submit answers to more than the required number of questions. If you do, we will mark the questions in the order that they appear, up to the required number of questions in each section.
Previous exam papers can be found in the University’s past papers archive. Please note that previous exam papers may not have operated under the same exam rubric or assessment weightings as those for the current academic year. The content of past papers may also be different.