Description

Economists (and their models) typically assume that people act rationally, which is a contentious assumption. This subject demonstrates persistent irrational human behaviour (for example cognitive dissonance, procrastination and norm adherence), pointing at failure of rational models. The subject then presents alternative models, which accept irrationality and have more predictive power. … For more content click the Read More button below.

Other Requirements

Text Requisites

Learning Outcomes

Upon completion of this subject, graduates will be able to:
1.
Design an experiment for which behavioural and rational models predict opposing outcomes, to infer which of the two models more accurately predicts human behaviour in a chosen setting
2.
Examine and critique how humans make choices, form beliefs and deal with risk and uncertainty and how this may deviate from the assumptions of rational economic models
3.
Describe empirical shortcomings of rational economic models regarding inter-temporal choices and social preferences and compare this to the application of behavioural models

Assessments

1. Written - Test/Quiz

2. Written - Research report

3. Oral - Presentation – in-class

Offerings

Trimester 1 Singapore

CAM-SIN-TR1S

Trimester 3

CAM-SIN-TR3

MML-TSV-TR3

ONL-TSV-TR3

Learning Activities

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