The standard model of economic behavior is based on a set of assumptions about individual rationality, willpower, and preferences. Increasingly, researchers are finding instances where these assumptions are inconsistent with observed behavior. This seminar focuses on behavioral and experimental economics, subfields of economics that draw from the broader social science literature to explore how individuals actually behave and make decisions, with the goal of improving both economic theory and public policy. The seminar will cover experimental economics research and methods, as well as behavioral economics concepts and their applications in the real-world (in both high-income and low-income contexts worldwide). Topics include: self-control problems in financial behavior, preferences regarding inequality and fairness, cooperative behavior, social preferences, and consumer decision making.
- Teacher: Syon Bhanot