Behavioural Economics

City University London

Postgraduate

In Islington

Price on request

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Description

  • Type

    Postgraduate

  • Location

    Islington

Overview Course overviewBehavioural economics applies psychological insights into human behaviour to investigate how people make economic decisions under various conditions of constraint (e.g., time and knowledge) and influence (e.g., social pressure). This field has emerged as an important area of modern economics, and the social sciences more generally. The Behavioural Economics Masters course at City will develop your skills and knowledge in both areas and can prepare you for a wide variety of roles. Commercial organisations have long known the limitations of individual decision making and they routinely use this knowledge in their commercial practices (e.g., anchoring effect of minimum payment on credit cards). The practical implications of behavioural economics are varied and significant, and acknowledged to provide a powerful and cost-effective approach to improving human welfare.The specific objectives of this MSc in Behavioural Economics are to equip students with knowledge, skills and an appreciation of the practical applications of the general field of behavioural economics.MSc Behavioural Economics modulesPrinciples of economicsCognitive and economic principles of rational choiceIndividual and social psychological processesExperimental economics and game theoryFundamental cognitive scienceApplied econometric and psychological research and analysisProfessional aspects of behavioural economics.There is also an invited speakers programme of eminent people from the world of business, government and academia. The knowledge, skills and the interests students develop during the course of their study will be used in the research dissertation, which provides an opportunity to undertake a major piece of independent high-quality research supervised by a specialist from the Departments of Economics and Psychology.Watch this video for an insight into the creation of the MSc in Behavioural Economics ...

Facilities

Location

Start date

Islington (London)
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Northampton Square, EC1V 0HB

Start date

On request

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Subjects

  • Decision Making
  • Psychology
  • IT
  • Economics
  • Government
  • Econometric
  • Human Behaviour
  • Skills and Training

Course programme

Course Content

On a theoretical level, principles of behavioural economics have challenged the axiomatic assumptions of neoclassical economics in suggesting that economic decision making violates central principles of rational choice theory and expected utility maximisation: all too often, people do not behave as they should according to standard economic models. In contrast, behavioural economics applies insights from psychology to better explain human economic behaviour; for instance, individuals' tendency to use mental shortcuts (heuristics) in decision making.

The major aim of the Behavioural Economics programme is to provide you with a thorough grounding in the behavioural and economic sciences that underpin the field of behavioural economics. Understanding how real people make real decisions is of utmost importance to theoretical economic understanding (preferences and utility), the practical application of models of human behaviour (e.g., government polices), and individual economic welfare (e.g., health and financial) which, for example, can be diminished by overweighting the present and underweighting the future (i.e., hyperbolic temporal discounting). Consumer psychology is also dependent on the principles of behavioural economics (e.g., techniques of influence used in marketing and advertising), as are consultancies of various kinds (e.g., branding and public relations).

Behavioural Economics Speakers Programme

Your learning experience during the Behavioural Economics programme will be enhanced by an invited speakers programme of external experts who work in behavioural economics. These talks will be part of the wider remit of the programme which has a focus on real-world applications - this is consistent with City University's focus on the relevance of knowledge for business and the professions. In addition, there is a network of behavioural economists throughout London, with regular talks by national and international experts. These opportunities will give you the opportunity to appreciate the full range of theories and applications of behavioural economics.

The programme is offered in two modes: one year full-time, and two-years part-time. A number of elective modules from Economics are available which will offer you the opportunity to pursue more advanced theoretical aspect of behavioural economics.

Aims

The aims of the Behavioural Economics postgraduate programme are to provide you with opportunities to acquire knowledge and understanding of behavioural economics, broadly defined as the synthesis of psychology and economics in individual decision making and behaviour. It will also provide you with necessary academic, research, and communication skills to apply this knowledge in the workplace. In addition, the programme aims to enable you to develop an awareness of professional and contextual issues relevant to the practice of behavioural economics, including ethical considerations of psychology-based techniques of influence.

The programme is taught by both psychologists and economists, and its major objective is to synthesize these two perspectives to achieve theoretical coherence with practical outcomes, specifically how behavioural economic theories and methods can be used in different fields to influence individual decision making in positive directions. The programme will also consider the potential 'dark side' of techniques of behavioural manipulation and the implications of this potential for the appropriate professional use of these theories and methods.

Course Structure Term 1 Modules:

Principles of Economics
Cognitive and Economic Science of Rational Choice
Psychological Processes: Individual and Social
Behavioural Research Methods: Design and Analysis

Term 2 Modules:

Experimental Economics and Game Theory
Fundamentals of Cognitive Science
Applied Econometric and Psychological Research Methods
Professional Aspects of Behavioural Economics

Term 3:

Research Dissertation

If you have a strong background in Economics, you may substitute for 'Principles of Economics' a microeconomics module from one of the MSc programmes offered by the Department of Economics. You may also substitute an appropriate elective from one of the MSc modules offered by the Department of Economics for 'Professional Aspects of Behavioural Economics' - this will allow a pathway through the programme that is focused on theoretical and research economic themes.

Note.

The availability of appropriate electives will be decided by the Programme Team.

Additional information

Teaching and Assessment

The rationale for learning, teaching and assessment strategies is based on an active approach of independent learning supported by the teaching/learning team. You will be required to take responsibility for your own learning and to take advantage of the learning opportunities offered (e.g., invited speakers programme and online resources). The learning and teaching strategies for each module will expose you to a range of methods, comprising: lectures, guest lectures, seminars, group work, workshops, small group discussions,...

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