23005 Behavioural Economics
6cpRequisite(s): (23567 Intermediate Microeconomics AND (23506 Strategic Decision Making and Game Theory OR 23592 Game Theory)) OR ((72 credit points of completed study in spk(s): C10026 Bachelor of Business OR 72 credit points of completed study in spk(s): C10235 Bachelor of Accounting OR 144 credit points of completed study in spk(s): C09070 Bachelor of Engineering (Honours) Bachelor of Business OR 144 credit points of completed study in spk(s): C09071 Bachelor of Engineering (Honours) Bachelor of Business Diploma Professional Engineering Practice OR 144 credit points of completed study in spk(s): C09084 Bachelor of Business Bachelor of Laws (Honours) OR 144 credit points of completed study in spk(s): C09133 Bachelor of Business Bachelor of International Studies (Honours) OR 144 credit points of completed study in spk(s): C10020 Bachelor of Business Bachelor of International Studies OR 144 credit points of completed study in spk(s): C10125 Bachelor of Business Bachelor of Laws OR 144 credit points of completed study in spk(s): C10162 Bachelor of Science Bachelor of Business OR 144 credit points of completed study in spk(s): C10163 Bachelor of Medical Science Bachelor of Business OR 144 credit points of completed study in spk(s): C10278 Bachelor of Information Systems Bachelor of Business OR 144 credit points of completed study in spk(s): C10326 Bachelor of Business Bachelor of Creative Intelligence and Innovation OR 144 credit points of completed study in spk(s): C10411 Bachelor of Business Bachelor of Sustainability and Environment OR 144 credit points of completed study in spk(s): C10416 Bachelor of Business Bachelor of Languages and Cultures OR 144 credit points of completed study in spk(s): C10449 Bachelor of Business Master of Teaching Secondary Education OR 144 credit points of completed study in spk(s): C10169 Bachelor of Molecular Biotechnology Bachelor of Business OR 144 credit points of completed study in spk(s): C10219 Bachelor of Information Technology Bachelor of Business))
These requisites may not apply to students in certain courses.
There are course requisites for this subject. See access conditions.
Undergraduate
Notes
It is highly recommended that 23567 Intermediate Microeconomics and (23506 Strategic Decision Making and Game Theory OR 23592 Game Theory) should be completed before undertaking this subject.
Description
The field of psychology and economics – or behavioural economics – takes the methodology of economic theory beyond the standard assumptions of rationality and self-interest. The goal is to develop models that more accurately describe and predict economic phenomena. The guiding principle is to select modelling assumptions on the basis of psychological realism rather than mathematical or normative convenience. This subject is an introduction to the field. The goals of the subject are to explore more thoroughly the assumptions, implications, and failures of several fundamental standard economic models, to develop alternative, behavioural models based on findings from psychology, and to explore the implications of the new models. The subject develops a better understanding of standard economic theory, a richer appreciation for the way that economists think, and an interesting set of insights about the ways that human psychology affects economic decision-making.
Detailed subject description.