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Lecturer(s)
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Slavíčková Pavla, doc. Mgr. Ph.D.
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Course content
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1) Prehistoric Behavioral Economics - Adam Smith and his Theory of Moral Sentiments (1759) 2) Signs of irrationality: Jeremy Bentham, Francis Edgeworth, Irving Fisher, Vilfredo Pareto, John Maynard Keynes 3) Herbert Simon and the concept of bounded rationality 4) Prospect theory of Daniel Kahneman and Amos Tvresky 5) Richard Thaler and his work 6) Present and future of behavioral economics in the world and in the Czech Republic
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Learning activities and teaching methods
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Monologic Lecture(Interpretation, Training), Activating (Simulations, Games, Dramatization)
- Preparation for the Course Credit
- 36 hours per semester
- Attendace
- 14 hours per semester
- Homework for Teaching
- 25 hours per semester
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Learning outcomes
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The aim of the course is to explain the nature and development of behavioral economics, based on the original texts of the most important representatives of this branch, including Richard Thaler. While the mainstream of economic thinking presupposes rational behavior, behavioral economics deals with the effects of social, congnitive and emotional factors on the economic decision-making of individuals and institutions and examines systematic ways of human decision-making and their influence on human behavior under limited rationality.
After completing the course, the student will be able to explain the essence of behavioral economics, will know the most important representatives of this stream of economic thinking, will have direct experience with their texts and will be able to discuss the potential of behavioral economics among other economic theories.
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Prerequisites
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The basic insight in the matter.
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Assessment methods and criteria
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Student performance
Requirements: 1. attandence - min. 80% 2. active participation in lessons 3. reading and presentation in lesson 4. writting test
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Recommended literature
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A Tversky, D Kahneman. (1981). The framing of decisions and the psychology of choice. Science.
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Alvin E. Roth. (2002). The Economist as Engineer: Game Theory, Experimentation, and Computation as Tools for Design Economics. Econometrica.
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Ashraf, Nava; Camerer, Colin F.; Loewenstein, George. (2005). Adam Smith, Behavioral Economist. Journal of Economic Perspectives.
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Cass R. Sunstein a Richard Thaler. (2010). Nudge (Šťouch): Jak postrčit lidi k lepšímu rozhodování o zdraví, majetku a štěstí.
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Cass R. Sunstein. (2015). Nudging and Choice Architecture: Ethical Considerations. Yale Journal on Regulation.
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Colin F. Camerer, George Loewenstein. (2004). Behavioral Economics: Past, Present, Future. Advances in Behavioral Economics.
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Colin F. Camerer. (1997). Progress in Behavioral Game Theory. Journal of Economic Perspectives.
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J. S. Amstrong; N. Coviello; B. Safranek. (1993). Escalation Bias: Does it extent to marketing?. Journal of the Academy of Marketing Science.
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Richard Thaler. (2017). Neočekávané chování: Podivuhodný příběh behaviorální ekonomie.
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