PS927-15 Neuroeconomics
Introductory description
This module provides an overview of the multidisciplinary field of neuroeconomics. In recent years, a new science of decision-making has emerged combining approaches from multiple fields, including economics, psychology, neuroscience, and computer science.
Module aims
The module will introduce students to the key theories and major findings in neuroeconomics.
Core questions that will be addressed include: What are the neural substrates of subjective values, delay discounting, and risk aversion? How does the brain learn from rewarding experience? Can neuroscientific discoveries inform economic theory? How can neuroeconomic ideas be used and applied in the real world? Students will learn the requisite background and directly engage the primary literature.
Outline syllabus
This is an indicative module outline only to give an indication of the sort of topics that may be covered. Actual sessions held may differ.
Week 1: Introduction to the Brain
Week 2: the Brain
Week 3: Values
Week 4: Making Choices
Week 5: Risk & Ambiguity
Week 6: Timing & Discounting
Week 7: Multiple Decision-Making Systems
Week 8: Memories and Choice
Week 9: Social & Moral Neuroscience
Week 10: Applying Neuroeconomics
Learning outcomes
By the end of the module, students should be able to:
- - Cogently discuss the relationships between psychology, neuroscience, and economics
- - Engage and critically evaluate the primary literature on neuroeconomics
- - Generate new experimental ideas to test theories of the neural basis of decision making
- - Identify potential zones of real-world application for neuroeconomic advances and discoveries
Indicative reading list
Glimcher, P. & Fehr, E. (2013). Neuroeconomics: Decision Making and the Brain (2nd edition).
Academic Press: London.
Sutton, R. & Barto, A. (1998/2014). Reinforcement Learning. (2nd edition). MIT Press: Cambridge,
MA.
Redish, A. D. (2013). The Mind within the Brain: How We Make Decision and How Those
Decisions Go Wrong. Oxford University Press: Oxford.
Kahneman, D. (2012). Thinking Fast and Slow. Farrar, Strauss, Giroux: New York.
Dayan, P. & Abbott, L. E. (2005). Theoretical Neuroscience. MIT Press: Cambridge, MA.
Glimcher, P. (2004). Decisions, Uncertainty, and the Brain: The Science of Neuroeconomics. MIT
Press: Cambridge, MA.
Greene, J. (2014). Moral Tribes: Emotion, Reason and the Gap Between Us and Them. Atlantic
Books: London.
Subject specific skills
Ability to generate experimental ideas to test theories
Understanding of a range of disciplines and how these interact
Understanding of theories of the neural basis of decision making
Transferable skills
Identification of how theoretical knowledge can be applied to the practical domain
Effective communication skills to present and justify conclusions
Critical evaluation of primary and secondary sources
Study time
| Type | Required |
|---|---|
| Lectures | 10 sessions of 2 hours (13%) |
| Seminars | 8 sessions of 1 hour (5%) |
| Other activity | 2 hours (1%) |
| Private study | 120 hours (80%) |
| Total | 150 hours |
Private study description
120 Hours Guided Reading and private study.
Other activity description
Class tests, taken in seminars.
Costs
No further costs have been identified for this module.
You do not need to pass all assessment components to pass the module.
Students can register for this module without taking any assessment.
Assessment group A1
| Weighting | Study time | Eligible for self-certification | |
|---|---|---|---|
| 4000 word essay | 45% | Yes (extension) | |
| Thought questions | 5% | No | |
|
Weekly thought questions |
|||
| Video Presentation | 10% | No | |
|
20 minute group presentation |
|||
| tests | 40% | No | |
|
2x tests |
|||
Feedback on assessment
Group oral feedback given for first test.\r\nWritten feedback will be provided for oral presentation and essay. Feedback will be provided by \r\nemail and/or through Tabula as appropriate.
Courses
This module is Core for:
- Year 1 of TPSS-C8P7 Postgraduate Taught Behavioural and Economic Science (Science Track)
This module is Core optional for:
- Year 1 of TPSS-C803 Postgraduate Taught Behavioural and Data Science
This module is Optional for:
- Year 1 of TPSS-C8P7 Postgraduate Taught Behavioural and Economic Science (Science Track)
- Year 1 of TECS-C8P8 Postgraduate Taught Behavioural and Economics Science (Economics Track)