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This course is about the challenges that economic
theorists face in their quest for economic models in which decision
makers have a "richer psychology" than prescribed by textbook models.
The enrichment takes two forms: (i) broadening the set of
considerations that affect decision makers' behavior beyond simple,
material self-interest; (ii) relaxing the standard assumption that
agents have unlimited ability to perceive and analyze economic
environments, and that they reason about uncertainty as "Bayesian
statisticians". Special emphasis will be put on the implications of
"psychologically richer" models on market behaviour.
Objectives:
- To provide MSc Economics students with a presentation of a selection of tools for modelling economic agents with “rich” psychology
- To give students tools for carrying out their own theoretical investigations involving incorporation of non-standard psychological factors in economic models
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Taught by: |
Philippe Jehiel, Ran Spiegler |
| Assessment: | 2 hours of lectures per week, plus four 2-hour classes with written assignments. The course will be examined by a written exam in Term 3. |
|
Suitable for: |
Graduate students |
| Prerequisites: | ECONG021 |
|
Moodle page: |
ECONG038 |
