The major goal of this course is to provide students with a better and more rigorous understanding of a number of economic and social phenomena that characterize contemporary advanced economic systems. Several important issues (including consumers' and investors' bounded rationality as well as the so called "happiness paradoxes") can be fruitfully analyzed through the lens of the major theoretical constructs and empirical findings (including experimental evidence) obtained in the last years within the framework of behavioural economics.
1. Introduction. What is 'behavioural economics'? The two 'souls' of behavioural economics: bounded rationality and non-selfish rationality. Behavioural economics and experimental economics.
2. From full rationality to bounded rationality. Cognitive biases and economic behavior. Dual Process Theories: System 1 and System 2. Framing effects, loss aversion, endowment effect, intertemporal choices and present-biased preferences. Default effects: evidence from organ donations. The relationship between rationality and emotions in economic choices: neuroeconomic evidence. Law of small numbers, gambler's fallacy and hot hand fallacy. Anchoring effect, money illusion and the sunk cost effect. Policy implications and 'asymmetric paternalism'.
3. From selfish rationality to non-selfish rationality. Experimental evidence on so called 'social preferences'. Social norms and Pluralistic Ignorance.
4. Ex ante utility, ex post utility and happiness paradoxes.
"Economia Comportamentale. Guida alla Teoria della Scelta", E. Angner, Hoepli, 2017.
Further teaching materials will be provided online (e.g. papers from the website lavoce.info), through the E-learning service, within the specific webpage prepared for this course.
|Erik Angner||Economia Comportamentale. Guida alla Teoria della Scelta (Edizione 1)||Hoepli||2017||9788820378196|
60-minute written exam, aimed at testing students' understanding of a number of economic and social phenomena that characterize contemporary advanced economic systems and that can be fruitfully addressed through the lens of the major theoretical constructs and empirical findings (including experimental evidence) obtained in the last years within the framework of behavioural economics. The exam will be based on a) multiple choice questions; b) an open question and c) an exercise based on behavioral game theory topics. It is also possible to prepare a talk by working in a group formed by 2 or 3 students on an issue related to the course outline (see on this the explanatory material provided online within the dedicated E-learning page for this course).