23710 Behavioural Decision Making
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Credit points: 3 cp
Result type: Grade and marks
Requisite(s): 23714 Rationality and Incentives
These requisites may not apply to students in certain courses.
There are course requisites for this subject. See access conditions.
Description
This subject introduces students to a rapidly expanding area of economics and provides students with an understanding of important concepts from both psychology and economic theory. The subject material addresses current applications of Behavioural Economics tools in the industry and government.
Subject learning objectives (SLOs)
| 1. | apply insights from psychology and other related disciplines in economic situations |
|---|---|
| 2. | interpret the role of behavioural factors in decision making |
| 3. | analyse behavioural and experimental studies |
Contribution to the development of graduate attributes
This subject introduces students to a rapidly expanding area of economics and provides students with an understanding of important concepts from both psychology and economic theory. This understanding will allow them to analyse a wide range of situations and behaviour with a new length. The subject material addresses current applications of Behavioural Economics tools in the industry and government.
This subject contributes to developing the following graduate attribute(s):
- Intellectual rigour and innovative problem solving
- Professional and technical competence
This subject contributes to the development of the following program learning objective(s):
- Synthesise the latest evidence in theoretical and empirical research with quantitative and qualitative expertise in Behavioural Economics to lead professional practice (4.1)
Teaching and learning strategies
This subject will be articulated around online lectures and, and face to face seminars. Subject content will be presented to students in a variety of formats (lecture slides, notes, videos, articles) and delivered both online and in-class. At the beginning of the unit, students are expected to review materials and complete tasks on their own before attending a weekly Zoom review session with the lecturer. Materials will be provided to students on the teaching managenent system, but students are also expected to seek information independently. The online material will involve the students in a wide range of hypothetical decision situations. The student will be asked to make decisions and receive feedback on them to illustrate and explain the conceptual content of the course.
At the end of the unit, seminars offer face to face interaction to review the material and engage students with the material. Seminars are highly interactive. Students will learn about behavioural economics concepts and methods and apply these to solve problems and case studies in-class, either individually or in small groups. Students will receive individual feedback in-class from the lecturer.
Content (topics)
- Reference dependence
- Context effects, Heuristics, and Biases
- Risk Preferences
- Mental Accounting
Assessment
Assessment task 1: Online Quiz (Individual)*
| Objective(s): | This addresses subject learning objective(s): 1 and 2 |
|---|---|
| Weight: | 35% |
| Criteria: |
*Note: Late submission of the assessment task will not be marked and awarded a mark of zero. |
Assessment task 2: Case study: report as a video presentation (Individual)*
| Objective(s): | This addresses subject learning objective(s): 1, 2 and 3 |
|---|---|
| Weight: | 65% |
| Criteria: |
*Note: Late submission of the assessment task will not be marked and awarded a mark of zero. |
Minimum requirements
Students must achieve at least 50% of the subject’s total marks.
References
[Optional] Angner, Erik. A course in behavioral economics. Bloomsbury Publishing, 2020.