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.
Title BEHAVIOURAL ECONOMICS
Code ECON251
Coordinator Dr SB Pfaffenzeller
Economics
S.Pfaffenzeller@liverpool.ac.uk
Year CATS Level Semester CATS Value
Session 2019-20 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 24

 5

         29
Timetable (if known) 120 mins X 1 totaling 24
  		           
Private Study 121
TOTAL HOURS 150

Assessment
EXAM Duration Timing
(Semester)		 % of
final
mark		 Resit/resubmission
opportunity		 Penalty for late
submission		 Notes
Assessment 1: Written Unseen Examination Assessment Type: Written Exam Duration: Two hours Weighting: 70% Reassessment Opportunity: Yes Penalty for Late Submission: Standard UoL penalty ap  2 hours    70       
CONTINUOUS Duration Timing
(Semester)		 % of
final
mark		 Resit/resubmission
opportunity		 Penalty for late
submission		 Notes
Assessment 2: Group Poster Presentation Assessment Type: Practical Assessment Duration/Size: N/A Poster Weighting: 30% Reassessment Opportunity: Yes Penalty for Late Submission: Standard U  N/A Poster    30       

Aims

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 Method: Lecture
Description: 12 x 2 hour sessions
Scheduled Directed Student Hours: 24
Attendance Recorded: No

Teaching Method: Seminar
Scheduled Directed Students Hours: 5
Attendance Recorded: Yes

Self-Directed Learning Hours: 121
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 examine with the expectation that students are well prepared to contribute to the seminar activities and to understand the content of lectures. 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

Syllabus
 

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.