Course: Behavioral Economics

« Back
Course title Behavioral Economics
Course code MUE/2BECO
Organizational form of instruction Lecture
Level of course Master
Year of study not specified
Semester Winter
Number of ECTS credits 3
Language of instruction Czech
Status of course Compulsory-optional
Form of instruction Face-to-face
Work placements This is not an internship
Recommended optional programme components None
Lecturer(s)
  • Horák Martin, Ing.
  • Homolka Lubor, Ing. Ph.D.
  • Horák Martin, Ing. Ph.D.
  • Kučera Filip, Ing. Ph.D.
Course content
Behavioural economics enriches neoclassical economic theory by including social, cognitive and emotional factors. This approach seeks to explain the systematic deviance of the standard economic models based on the rationality of agents. List of topics which will be discussed throughout the semester. - Introduction to the Behavioral Economics course - Organisation of the course, discussion about the positive role of economics - What is Behavioral Economics? - Key terms and principles - Research methods and experimental design for experimental economics - Bounded rationality - econs vs. humans - Heuristics and humans behaviour - Behavioral economics and public sector - application in healthcare, taxation policies, etc. - Economics of happiness and wealth - Systematic errors in the decision-making process - Behavioral extension to game theory

Learning activities and teaching methods
Lecturing, Dialogic (Discussion, conversation, brainstorming)
  • Preparation for course credit - 30 hours per semester
  • Participation in classes - 13 hours per semester
  • Home preparation for classes - 26 hours per semester
  • Term paper - 20 hours per semester
learning outcomes
Knowledge
use cognitive biases and heuristics
use cognitive biases and heuristics
explain the Two mental systems concept
explain the Two mental systems concept
explain the differences between the Standard risk theory and the Prospect theory
explain the differences between the Standard risk theory and the Prospect theory
design a behavioral intervention
design a behavioral intervention
apply behavioral intervention
apply behavioral intervention
Skills
efectively uses cognitive biases and heuristics in decision making
efectively uses cognitive biases and heuristics in decision making
explains possible irrational behaviour and proposes solutions on how to mitigate such behaviour based on the concept of Two mental systems
explains possible irrational behaviour and proposes solutions on how to mitigate such behaviour based on the concept of Two mental systems
clarifying different risk-taking behaviour of individuals based on the Prospect theory
clarifying different risk-taking behaviour of individuals based on the Prospect theory
proposes effective behavioural interventions across fields such as marketing or finance
proposes effective behavioural interventions across fields such as marketing or finance
designs and applies behavioural interventions based on the most recent behavioural frameworks
designs and applies behavioural interventions based on the most recent behavioural frameworks
teaching methods
Knowledge
Lecturing
Dialogic (Discussion, conversation, brainstorming)
Dialogic (Discussion, conversation, brainstorming)
Lecturing
assessment methods
Oral examination
Oral examination
Grade (Using a grade system)
Grade (Using a grade system)
Written examination
Written examination
Recommended literature
  • Ariely, Dan. Jak drahé je zdarma : proč chytří lidé přijímají špatná rozhodnutí : iracionální faktory v ekonomice i v životě. Vyd. 1. Praha : Práh, 2009. ISBN 978-80-7252-239-2.
  • BEBALAVÁ-SIČÁKOVÁ, Emília. Behaviorálné základy verejnej politiky. Bratislava: Univerzita Komenského v Bratislave. ISBN 978-80-223-3928-5.
  • Behavioral Insights Team (2014). EAST: Four simple ways to apply behavioral insights. Dostupné z:https://38r8om2xjhhl25mw24492dir-wpengine.netdna-ssl.com/wp-content/uploads/2015/07/BIT-Publication-EAST_FA_WEB.pdf.
  • Dhami, Sanjit S. The foundations of behavioral economic analysis. Volume 1, Behavioral economics of risk, uncertainty, and ambiguity. Oxford : Oxford University Press, 2019. ISBN 9780198835608.
  • KAHNEMAN, Daniel. Myšlení: rychlé a pomalé. V Brně: Jan Melvil, 2012. ISBN 978-80-87270-42-4.
  • P. Dolan et al. Mindspace: Influencing Behaviour through Public Polic. London: Cabinet Office and the Institute for Government., 2010.
  • THALER, Richard H. a Cass R. SUNSTEIN. Nudge (Šťouch): jak postrčit lidi k lepšímu rozhodování o zdraví, majetku a štěstí. Zlín: Kniha Zlín, 2010. ISBN 978-80-87162-66-8.
  • THALER, Richard H. Neočekávané chování. Argo, Dokořán, 2015. ISBN 978-80-257-2121-6.


Study plans that include the course
Faculty Study plan (Version) Category of Branch/Specialization Recommended year of study Recommended semester