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Module Catalogue

EC345-15 Behavioural Economics: Theory and Applications

Department
Economics
Level
Undergraduate Level 3
Module leader
Jo Turrall
Credit value
15
Module duration
10 weeks
Assessment
Multiple
Study location
University of Warwick main campus, Coventry

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Introductory description

EC345-15 Behavioural Economics: Theory and Applications

Module web page

Module aims

The module aims to develop students' knowledge and understanding of economic decision making by emphasising how psychological and experimental findings (from the field and laboratory) have shaped contemporary economic models. In particular the students will learn about recent theoretical developments modelling consumer behaviour, especially in relation to preferences and judgements in situations involving risk, uncertainty and time. The module will also broaden 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 behavioural economics

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.

The syllabus will cover the theoretical foundations and applications of Behavioural Economics, focusing on how psychological, cognitive, and social factors influence economic decision making. Topics include decision making under uncertainty, intertemporal choice, non standard decision making, happiness economics, behavioural game theory, social preferences, and neuroeconomics.
The module examines how behavioural models explain choices in different domains and how these differ from the predictions of standard economic models. It also explores empirical applications of behavioural economics, with a particular focus on individual decision making across different economic and social contexts.
The course places emphasis on the empirical identification and evaluation of behavioural models using evidence from experimental and applied research. However, it does not require advanced econometric knowledge.

Learning outcomes

By the end of the module, students should be able to:

  • Key Skills: Demonstrate knowledge and understanding of core theoretical concepts in behavioural economics, and develop the ability to read, interpret, and synthesise empirical research across a range of behavioural domains. Students will practise communicating this knowledge through clear, well-structured essay-style writing, including the ability to explain complex economic ideas clearly and accessibly to a non-technical audience
  • Subject knowledge and understanding:Demonstrate understanding of the rationale, key theoretical frameworks, and empirical tools of behavioural economics, and apply them to analyse economic decision-making in individual, social, and policy contexts.
  • Professional Skills: Understand contemporary behavioural economic models and empirical approaches that are increasingly used by practitioners in government, policy institutions, and the private sector, including applications to welfare analysis, wellbeing measurement, and strategic interaction. Develop the ability to assess the relevance and limitations of behavioural insights in applied economic and policy contexts.

Indicative reading list

Reading lists can be found in Talis

Specific reading list for the module

Subject specific skills

Applied Economics
Economic information
Economic principles
Research and debate
Abstraction
Analysis of incentives
Analytical reasoning
Analytical thinking and communication
Critical thinking
Policy evaluation
Problem solving
Strategic thinking
Sustainability

Transferable skills

IT skills
Numeracy and quantitative skills
Information technology
Math, Statistical, data-based research skills
Oral communication
Written communication
Research Skills

Study time

Type Required
Lectures 20 sessions of 1 hour (13%)
Seminars 4 sessions of 1 hour (3%)
Private study 126 hours (84%)
Total 150 hours

Private study description

Private study will be required in order to prepare for seminars/classes, to review lecture notes, to prepare for forthcoming assessments, tests, and exams, and to undertake wider reading around the subject.

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 D4
Weighting Study time Eligible for self-certification
in-class test 20% No

test
Centrally-timetabled examination (On-campus) 80% No

A paper which examines the course content and ensures learning outcomes are achieved.

  • Answerbook Green (8 page)
  • Students may use a calculator
Assessment group R4
Weighting Study time Eligible for self-certification
In-person Examination - Resit 100% No
  • Students may use a calculator
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 for assignments is returned either on a standardised assessment feedback cover sheet which gives information both by tick boxes and by free comments or via free text comments on tabula, together with the annotated assignment. For tests and problem sets, students receive solutions as an important form of feedback and their marked assignment, with a breakdown of marks and comments by question and sub-question. Students are informed how to access their feedback, either by collecting from the Undergraduate Office or via tabula. Module leaders often provide generic feedback for the cohort outlining what was done well, less well, and what was expected on the assignment and any other common themes. This feedback also includes a cumulative distribution function with summary statistics so students can review their performance in relation to the cohort. This feedback is in addition to the individual-specific feedback on assessment performance.

Past exam papers for EC345

Pre-requisites

EC202-30 Microeconomics 2 OR
EC204-30 Economics 2 OR
EC238-15 Economics 2: Microeconomics

To take this module, you must have passed:

Courses

This module is Core for:

  • UPHA-L1CA Undergraduate 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)
  • 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)

This module is Optional for:

  • Year 2 of TECA-L1PA Postgraduate Taught Economics (Diploma plus MSc)
  • UECA-3 Undergraduate Economics 3 Year Variants
    • Year 3 of L100 Economics
    • Year 3 of L116 Economics and Industrial Organization
  • UECA-4 Undergraduate Economics 4 Year Variants
    • Year 4 of L103 Economics with Study Abroad
    • Year 4 of LM1H Economics, Politics & International Studies with Study Abroad
  • Year 3 of UECA-L1N2 Undergraduate Economics and Management
  • Year 3 of UECA-LM1D Undergraduate Economics, Politics and International Studies
  • UPHA-L1CA Undergraduate Economics, Psychology and Philosophy
    • Year 3 of L1CA Economics, Psychology and Philosophy
    • 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 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)
  • Year 3 of UMAA-GL11 Undergraduate Mathematics and Economics
  • Year 4 of UECA-GL12 Undergraduate Mathematics and Economics (with Intercalated Year)
  • Year 3 of UPHA-V7ML Undergraduate Philosophy, Politics and Economics
  • Year 4 of UPHA-V7MM Undergraduate Philosophy, Politics and Economics (with Intercalated year)

This module is Unusual option for:

  • Year 3 of UPHA-L1CA Undergraduate Economics, Psychology and Philosophy
  • UPHA-V7ML Undergraduate Philosophy, Politics and Economics
    • 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 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:

  • Year 3 of UPHA-V7ML Undergraduate Philosophy, Politics and Economics