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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