Objective of the course:
Economic thought has advanced in recent decades beyond the traditional microeconomic theories that assume rational behavior and are based on models of utility maximization. The aim of this course is to introduce the concepts of behavioral economics to students who are interested in using these principles in academic research or in understanding human behavior in managerial contexts.
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Text Book:
An Introduction to Behavioral Economics (3rd Edition), Author(s): Nick Wilkinson, Matthias Klaes |
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Reference Books:
These are recommended as additional reading to improve understanding.
- Thinking Fast and Slow by Daniel Kahneman.
- Misbehaving: The Making of Behavioral Economics by Richard Thaler
- Nudge: Improving Decisions About Health, Wealth, and Happiness by Richard Thaler and Cass Sunstein
- Predictably Irrational: The Hidden Forces That Shape Our Decisions by Dan Ariely
- Influence by Robert B. Cialdini.
- Drive by Daniel H. Pink
- Blink by Malcolm Gladwell.
- Art of Choosing by Sheena Iyengar
- Stumbling on Happiness by Daniel Gilbert
- Animal Spirits: How Human Psychology Drives the Economy, and Why it Matters for Global Capitalism by Akerlof and Shiller
- Poor Economics: A Radical Rethinking of the Way to Fight Global Poverty by Abhijit V. Banerjee and Esther Duflo
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Evaluation scheme:
In order to benefit from this course, active participation is required from the students in classes and also out of classes doing assignments and project work.
| Attendance* |
- 10% |
| Class participation |
- 10% |
| Class Presentations (2) |
- 40% (21st August, 2021; 10th September, 2021) |
| Final exam |
- 40% |
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| *(minimum of 65% attendance required - else deregistered from the course).
Attendance mandatory on the days of project presentation |
| *Since this is an online semester, you are expected to be available when called upon in class. Excuses such as “my connection was not working” will not be taken as valid unless you can provide verified proof of being in a remote area without proper internet connectivity. I will take attendance sometime during the lecture – and if you are not present, you will be marked absent. |
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Syllabus
| Sl No |
Topics |
Number of lectures |
| 1 |
Introduction to Behavioral Economics |
1 |
| 2 |
Basic Consumer Theory |
1 |
| 3 |
Expected Utility Theory – Utility Maximization |
2 |
| 4 |
Making Choices Under Risk: Prospect Theory |
2 |
| 5 |
Intertemporal Choice and Time-Inconsistency |
2 |
| 6 |
Mental Accounting |
2 |
| 7 |
Heuristics and Biases |
2 |
| 8 |
Behavioral Game Theory |
2 |
| 9 |
Social Preferences |
2 |
| 10 |
Nudges: Libertarian Paternalism – Policy Making |
1 |
| 11 |
Neuroeconomics |
1 |
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| If you are caught cheating or copying on any assignment, quiz or exam, you will |
- get ZERO marks on that assignment/quiz/exam.
- an additional penalty may be given including and upto assigning a grade F in the course.
| Week |
Lecture |
Topic |
| 1 |
1 |
Getting Started, Introduction to Time-series data |
| 1 |
2 |
Time-Series Graphics |
| 2 |
3 |
Time-series decomposition |
| 2 |
4 |
Forecaster’s toolbox |
| 3 |
5 |
Forecaster’s toolbox |
| 3 |
6 |
Time-series Regression Models |
| 4 |
7 |
Exponential smoothing |
| 4 |
8 |
Exponential smoothing |
| 5 |
9 |
ARIMA Models |
| 5 |
10 |
ARIMA Models |
| 6 |
11 |
Dynamic causal regression models |
| 6 |
12 |
Dynamic causal regression models |
| 7 |
13 |
Advanced Forecasting methods |
| 7 |
14 |
Advanced Forecasting methods |
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Academic Integrity
You are expected to follow the code of ethics for the course
If you are caught cheating or copying on any assignment, quiz or exam, you will
- get ZERO marks on that assignment/quiz/exam
- an additional penalty may be given including and upto assigning a grade F in the course
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