To broaden students' knowledge of how psychological and experimental findings influence economic modelling, especially in relation to preferences and judgement in situations involving risk and time. To broaden students' knowledge of the way models and theories are empirically or experimentally tested.
Principal Learning Outcomes
By the end of the module the student should have the theoretical and empirical tools and knowledge to analyse the problems and particularities related to individual Behaviour and Economic Choices that cannot be explained by the standard Economic rational agent-based theory.
The syllabus may cover, but is not limited to, the following areas:
1) Effect of reference dependent preferences, loss aversion, present bias and social preferences, in the labor, in the financial and in other important markets.
2) The relationship between choice utility and subjective wellbeing.
3) Effect of macroeconomic variables on subjective wellbeing.
The course will have an emphasis on the empirical identification of the different models, but it does not require an advanced econometric knowledge.
- Core Module
- C8P7 - Year 1
- Optional Module
- L1P6 - Year 1, L1P7 - Year 1, C8P8 - Year 1
- Pre or Co-requisites
- 15 CATS - None
18 CATS - Basic knowledge of econometrics and microeconomics theory.
- Assessment Method
- 15 CATS - Coursework (100%)
18 CATS - 2 hour exam (100%)
- Coursework Details
- 4000-word essay (100%)
- Exam Timing
Time Allowed: 2 Hours
Answer TWO of the FIVE questions (50 marks each). All questions have parts and the maximum marks for each part are indicated in bold in square brackets at the end of the part. You may NOT answer parts from more than two questions.
Approved pocket calculators are allowed.
Read carefully the instructions on the answer book provided and make sure that the particulars required are entered on each answer book. If you answer more questions than are required and do not indicate which answers should be ignored, we will mark the requisite number of answers in the order in which they appear in the answer book(s): answers beyond that number will not be considered.
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.