ULMS Electronic Module Catalogue

The information contained in this module specification was correct at the time of publication but may be subject to change, either during the session because of unforeseen circumstances, or following review of the module at the end of the session. Queries about the module should be directed to the member of staff with responsibility for the module.
Code ECON251
Coordinator Dr SB Pfaffenzeller
Year CATS Level Semester CATS Value
Session 2021-22 Level 5 FHEQ Second Semester 15

Pre-requisites before taking this module (other modules and/or general educational/academic requirements):


Modules for which this module is a pre-requisite:


Programme(s) (including Year of Study) to which this module is available on a required basis:


Programme(s) (including Year of Study) to which this module is available on an optional basis:


Teaching Schedule

  Lectures Seminars Tutorials Lab Practicals Fieldwork Placement Other TOTAL
Study Hours   12



Timetable (if known)   60 mins X 1 totaling 12
      60 mins X 1 totaling 12
120 mins X 1 totaling 24
Private Study 102


EXAM Duration Timing
% of
Penalty for late
CONTINUOUS Duration Timing
% of
Penalty for late
Assessment 2: Group Poster Presentation Assessment Type: Practical Assessment Duration/Size: N/A Poster Weighting: 30% Reassessment Opportunity: Yes Penalty for Late Submission: Standard UoL  n/a Poster    30       
Assessment 1: Report Assessment Type: Coursework Size: 2000 word Weighting: 70% Reassessment Opportunity: Yes Penalty for Late Submission: Standard UoL penalty applies Anonymous Assessment  -2000 words    70       


This module aims to:

Introduce students to behavioural economics, its methods and its perspectives;

Provide an overview of some the main contributions which behavioural economics has made to economics as a social science;

Highlight areas where fundamental assumptions underlying economic theory have evolved in the light of behavioural economic research;

Raise awareness of related areas of development in economic theory;

Prepare students for the study of more technical modules in behavioural or experimental analysis.

Learning Outcomes

(LO1) Students will be able to gain an overview of Behavioural Economics and how it relates to traditional economic analysis.

(LO2) Students will be able to independently study primary research contributions in Behavioural Economics.

(LO3) Students will be able to engage in further study in related fields such as behavioural finance and experimental economics

(LO4) Students will be able to critically evaluate the axioms on which mainstream economic approaches are based as well as the suggested alternatives.

(LO5) Students will be able to gain an understanding of the international policy contexts of the application of behavioural theories.

(LO6) Students will be able to understand the effect of moral philosophy (ethics) on economic decisions - particularly in the implications of social preferences.

(S1) Problem solving skills

(S2) Communication skills

(S3) Lifelong learning skills

(S4) Ethical awareness

Teaching and Learning Strategies

Teaching Delivery: Mixed, hybrid delivery with social distancing on campus

Teaching Method: Online Asynchronous Learning Materials
Description: pre-recorded lectures with material approximately equivalent to 12 traditional 2 hour lectures
Unscheduled Directed Student Hours: 24
Attendance Recorded: No

Teaching Method: Seminar:
Description: weekly 1 hour seminars in weeks 1-12
Scheduled Directed Students Hours: 12
Attendance Recorded: Yes

Teaching Method: Group Study
Description: Weekly 1 hour session to foster student community and engagement by working with others on their ‘active learning’ activities
Scheduled Student Hours: 12
Attendance Recorded: No

Self-Directed Learning Hours: 102
Description: These independent learning hours are aimed at supporting the directed student learning. The module leader will provide guidance in the form of suggested readings and topics to exami ne with the expectation that students are well prepared to contribute to the seminar activities and to understand the content of learning materials. Self-Directed Learning will include research activity, developing academic writing skills, and wider reading to support the module

Costs Information:
There will be a cost for the poster printing (Approximately £3 - £9 per group depending on the size of the poster).

Non-modular Requirements
ECON121 with either ECON111 or ECON113

Skills/Other Attributes Mapping

Skills / attributes: Ethical awareness
How this is developed: Lectures
Mode of assessment (if applicable)

Skills / attributes: Lifelong learning skills
How this is developed: Seminars & Lectures
Mode of assessment (if applicable)

Skills / attributes: Communication skills
How this is developed: Seminars
Mode of assessment (if applicable): Group Poster Presentation

Skills / attributes: Problem solvi ng skills
How this is developed: Seminars & Lectures
Mode of assessment (if applicable)



The module covers the following topic areas:
1. Behavioural Economics: Overview of the subject, epistemic foundations and investigative technique.
2. The rational choice paradigm and its criticism: decision making under certainty and uncertainty, heuristics, probability perception and prospect theory.
3. Intertemporal choice and time inconsistent preferences.
4. Game theory and social preferences in the neo-classical model and in behavioural economics.
5. Applied game theory and the policy content.

Recommended Texts

Reading lists are managed at readinglists.liverpool.ac.uk. Click here to access the reading lists for this module.