EC241-15 Experimental Economics
Introductory description
The module will cover selected topics in experimental economics. Experimental economics was pioneered by Vernon Smith, the Nobel Prize in Economics in 2002This module is different from behavioural economics. Behavioural economics aims to improve economic analysis using psychological insights.
Experimental economics is rather a research method applied to the various topics in economic analysis as well as evaluating effects of policy change. The experimental economics setup ranges from using laboratory to field or natural settings which allows to test the relationship between two variables in an controlled environment, and remove the effects of external factors.
Module aims
The module aims to develop students’ knowledge and understanding of human decision-making emphasising the relevance of psychological and experimental findings. In particular, the students learn about the experimental methods in economics, the art of designing an experiment, accompanied by a selection of important contributions of experimental studies in the field of behavioural economics. The selected topics include Emotions, Markets and auctions, Coordination and cooperation, Repeated games, Policy and Behaviour (topics in education, discrimination). The module also broadens students' knowledge of the way models and theories are empirically or experimentally tested. In this respect, students will be acquainted with key empirical results from the field of experimental economics and will be able to identify a good experimental design.
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.
Broadly, the syllabus may cover some of the following topics:
History of Experimental Economics
Types of experiments
Experimental Design and Practice
Experimental Ethics
Experiments in the Laboratory, Field and Online
When Should We Use Experiments
Real Effort Tasks and Experimental Incentives
Software In Experimental Economics
Measuring Mood and Emotions in Experiments
Measuring Risk and Patience in Experiments
Modelling Markets and Interaction in Experiments
Conflict, Coordination and Cooperation
Using Games in Experiments
Learning and Repetition in Experiments
Experimental Data Analysis and Reporting Experimental Results
Policy and Behaviour (topics in education, discrimination)
Assessing and Critiquing Experimental Papers
As well as these more general topics, we may also examine specific experimental papers in different fields such as behavioural economics, public economics, political economy, game theory, labour economics, etc.
Learning outcomes
By the end of the module, students should be able to:
- To demonstrate understanding of and apply basic principles of experimental design, conduct and analysis. The teaching and learning methods that enable students to achieve this learning outcome are Lectures, seminars, independent study and reading.
- Evaluate the main controversies in mainstream economics. The teaching and learning methods that enable students to achieve this learning outcome are Lectures, seminars, independent study.
- Develop plausible models of behaviour that cannot be explained by the standard economic rational agent-based theories. The teaching and learning methods that enable students to achieve this learning outcome are Lectures, seminars, independent study and reading.
- Communicate an understanding of experimental economics using appropriate methodologies. The teaching and learning methods that enable students to achieve this learning outcome are Lectures, seminars, independent study and reading
Indicative reading list
(1) Jacquemet, N., & L'Haridon, O. (2018). Experimental Economics: Method and Applications. Cambridge: Cambridge University Press. doi:10.1017/9781107446786
(2) Moffatt, P. G. (2015). Experimetrics : Econometrics for experimental economics. Palgrave Macmillan.
Interdisciplinary
Experimental Economics is an interdisciplinary module. The module design integrates knowledge from microeconomics, game theory, behavioural economics and development economics. The module give the opportunity to develop connections between ideas, experiences and practice from different fields.
Subject specific skills
Students will have the opportunity to develop skills in:
Analytical thinking and communication
Analytical reasoning
Critical thinking
Strategic thinking
Problem-solving
Transferable skills
Students will have the opportunity to develop:
Research skills
Design an Experiment
Numeracy and quantitative skills
Written communication skills
Oral communication skills
Mathematical, statistical and data-based research skills
Study time
| Type | Required |
|---|---|
| Lectures | 10 sessions of 1 hour (7%) |
| Seminars | 4 sessions of 1 hour (3%) |
| Online learning (scheduled sessions) | 10 sessions of 1 hour (7%) |
| Private study | 126 hours (84%) |
| Total | 150 hours |
Private study description
The private study time will allow students time to prepare for their seminars, revise for class tests and develop their skills to become independent learners.
Through independent reading and discussion with others, students will be exposed to a variety of viewpoints, learn to choose among them, and you will be better prepared to develop your own distinctive ideas.
Costs
No further costs have been identified for this module.
You do not need to pass all assessment components to pass the module.
Assessment group D2
| Weighting | Study time | Eligible for self-certification | |
|---|---|---|---|
| Assignment 1 | 20% | No | |
|
Group assignment (20%) |
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| In-person Exam | 80% | No | |
|
Final Exam (80%)
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Assessment group R2
| Weighting | Study time | Eligible for self-certification | |
|---|---|---|---|
| In-person Exam | 100% | No | |
|
Final exam (100%) |
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Feedback on assessment
The Department of Economics is committed to providing high quality and timely feedback to students on their assessed work, to enable them to review and continuously improve their work. We are dedicated to ensuring feedback is returned to students within 20 University working days of their assessment deadline. Feedback is returned on a standardised assessment feedback cover sheet which gives information both by tick boxes and by directed comments. Students are informed how to access their feedback, either by collecting from the Undergraduate Office, from seminar tutors or within their seminar group sessions. Module leaders provide generic feedback for the cohort in addition to the individual-specific feedback on assessment performance.
Pre-requisites
EC107-30 Economics 1 AND EC139-15 or EC140-15 AND EC122-15 or EC124-15 OR
EC109-30 Microeconomics 1 AND EC139-15 or EC140-15 AND EC122-15 or EC124-15
To take this module, you must have passed:
Courses
This module is Optional for:
- Year 2 of UECA-3 Undergraduate Economics 3 Year Variants
- Year 2 of UECA-LM1D Undergraduate Economics, Politics and International Studies
-
UPHA-L1CA Undergraduate Economics, Psychology and Philosophy
- Year 2 of L1CA Economics, Psychology and Philosophy
- Year 2 of L1CC Economics, Psychology and Philosophy (Behavioural Economics Pathway)
- Year 2 of L1CD Economics, Psychology and Philosophy (Economics with Philosophy Pathway)
- Year 2 of L1CE Economics, Psychology and Philosophy (Philosophy and Psychology Pathway)
- Year 3 of L1CA Economics, Psychology and Philosophy
- Year 3 of L1CC Economics, Psychology and Philosophy (Behavioural Economics Pathway)
- Year 3 of L1CD Economics, Psychology and Philosophy (Economics with Philosophy Pathway)
- Year 3 of L1CE Economics, Psychology and Philosophy (Philosophy and Psychology Pathway)
-
UPHA-L1CB Undergraduate Economics, Psychology and Philosophy (with Intercalated Year)
- Year 4 of L1CG Economics, Psychology and Philosophy (Behavioural Economics Pathway) (with Intercalated Year)
- Year 4 of L1CH Economics, Psychology and Philosophy (Economics with Philosophy Pathway) (with Intercalated Year)
- Year 4 of L1CJ Economics, Psychology and Philosophy (Philosophy and Psychology Pathway) (with Intercalated Year)
- Year 4 of L1CB Economics, Psychology and Philosophy (with Intercalated Year)
-
UPHA-V7ML Undergraduate Philosophy, Politics and Economics
- Year 2 of V7ML Philosophy, Politics and Economics (Tripartite)
- Year 3 of V7ML Philosophy, Politics and Economics (Tripartite)
This module is Unusual option for:
-
UPHA-L1CA Undergraduate Economics, Psychology and Philosophy
- Year 2 of L1CA Economics, Psychology and Philosophy
- Year 3 of L1CA Economics, Psychology and Philosophy
-
UPHA-V7ML Undergraduate Philosophy, Politics and Economics
- Year 2 of V7MR Philosophy, Politics and Economics (Bipartite with Economics Major)
- Year 2 of V7MP Philosophy, Politics and Economics (Bipartite)
- Year 2 of V7ML Philosophy, Politics and Economics (Tripartite)
- Year 3 of V7MR Philosophy, Politics and Economics (Bipartite with Economics Major)
- Year 3 of V7MP Philosophy, Politics and Economics (Bipartite)
-
UPHA-V7MM Undergraduate Philosophy, Politics and Economics (with Intercalated year)
- Year 4 of V7MS Philosophy, Politics and Economics (Bipartite with Economics Major) (with Intercalated Year)
- Year 4 of V7MQ Philosophy, Politics and Economics (Bipartite) with Intercalated Year
- Year 4 of V7MM Philosophy, Politics and Economics (Tripartite) (with Intercalated year)
This module is Option list B for:
- Year 2 of UPHA-V7ML Undergraduate Philosophy, Politics and Economics
This module is Option list C for:
-
UPHA-V7ML Undergraduate Philosophy, Politics and Economics
- Year 3 of V7MP Philosophy, Politics and Economics (Bipartite)
- Year 3 of V7ML Philosophy, Politics and Economics (Tripartite)
-
UPHA-V7MM Undergraduate Philosophy, Politics and Economics (with Intercalated year)
- Year 4 of V7MS Philosophy, Politics and Economics (Bipartite with Economics Major) (with Intercalated Year)
- Year 4 of V7MQ Philosophy, Politics and Economics (Bipartite) with Intercalated Year
- Year 4 of V7MM Philosophy, Politics and Economics (Tripartite) (with Intercalated year)
This module is Option list D for:
-
UPHA-V7ML Undergraduate Philosophy, Politics and Economics
- Year 2 of V7MR Philosophy, Politics and Economics (Bipartite with Economics Major)
- Year 3 of V7MR Philosophy, Politics and Economics (Bipartite with Economics Major)