Microeconomics IV (Behavioral Economics)
Teacher(s)Theo Offerman, Peter Wakker
DatesPeriod 4 - Feb 27, 2023 to Apr 21, 2023
This course consists of two parts. One part deals with the behavioral revolution in economics, where differences between homo sapiens and homo economicus require a remodeling of risk behavior, intertemporal behavior, social behavior, individual utility, and, thus, of virtually all economic models. The other part considers the path-breaking insights of behavioral economics into interactive decision making. Special attention will be paid to how behavioral economics changed our thinking about learning, equilibrium, social preferences, strategic communication, and markets. The course gives a broad perspective, showing how behavioral ideas impact virtually every field in economics.
- Reader (more reading specified in the reader)
- Lecture slides; recorded explanations of part of the theory
- Kahneman, Daniel (2011). Thinking: Fast and Slow, Penguin Books, London
- Thaler, Richard H. & Cass R. Sunstein (2008). Nudge: Improving Decisions About Health, Wealth, and Happiness, Yale University Press, New Haven.