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BX3124 - Behavioural Economics for Sustainable Policy

Credit points: 3
Year: 2023
Student Contribution Band: Band 4
Administered by: College of Business, Law & Governance

Economists (and their models) typically assume that people act rationally, which is a contentious assumption. This subject demonstrates persistent irrational human behaviour (for example cognitive dissonance, procrastination and norm adherence), pointing at failure of rational models. The subject then presents alternative models, which accept irrationality and have more predictive power. The subject provides relevant skills to students in economics and more broadly to students with an interest in psychology or who wish to understand how to nudge human behaviour in a desired direction.

Learning Outcomes

  • design an experiment for which behavioural and rational models predict opposing outcomes, to infer which of the two models more accurately predicts human behaviour in a chosen setting;
  • examine and critique how humans make choices, form beliefs and deal with risk and uncertainty and how this may deviate from the assumptions of rational economic models;
  • describe empirical shortcomings of rational economic models regarding inter-temporal choices and social preferences and compare this to the application of behavioural models.

Subject Assessment

  • Written > Test/Quiz 1 - (40%) - Individual
  • Written > Research report - (20%) - Individual
  • Oral > Interview - (40%) - Group.
Prerequisites: BU1003 OR BU1903 OR EV2003 OR EG4000
Inadmissible
Subject
Combinations:
EC5217 BX2124

Availabilities

JCU Singapore, Study Period 51, Internal
Census Date 06-Apr-2023
Coordinator: Dr Sook Rei Tan
Lecturer: Mr Isa Keaveny.
Workload expectations:

The student workload for this 3 credit point subject is approximately 130 hours.

  • 20 hours lectures - may include recorded presentations, online activities & self-learning activities inclusive of lectures, via LearnJCU
  • 20 hours tutorials - may include recorded presentations, online activities & self-learning activities inclusive of synthesising sessions, via LearnJCU
  • assessment and self-directed study

JCU Singapore, Study Period 53, Internal
Census Date 30-Nov-2023
Workload expectations:

The student workload for this 3 credit point subject is approximately 130 hours.

  • 20 hours lectures - may include recorded presentations, online activities & self-learning activities inclusive of lectures, via LearnJCU
  • 20 hours tutorials - may include recorded presentations, online activities & self-learning activities inclusive of synthesising sessions, via LearnJCU
  • assessment and self-directed study

Townsville, Trimester 3, Mixed attendance
Census Date 05-Oct-2023
Face to face teaching (To be advised)
Coord/Lect: Dr Daniel Grainger.
Workload expectations:

The student workload for this 3 credit point subject is approximately 130 hours.

  • 20 hours workshops
  • 10 hours online activity - Recordings, online activities and self-directed learning
  • 10 hours online Tutorials - Online Collaborate Sessions
  • assessment and self-directed study

Trimester 3, External
Census Date 05-Oct-2023
Coord/Lect: Dr Daniel Grainger.
Workload expectations:

The student workload for this 3 credit point subject is approximately 130 hours.

  • 30 hours online activity - Recordings, online activities & self-directed learning
  • 10 hours online Tutorials - Online collaborate sessions
  • assessment and self-directed study
Method of Delivery: WWW - LearnJCU

Note: Minor variations might occur due to the continuous Subject quality improvement process, and in case of minor variation(s) in assessment details, the Subject Outline represents the latest official information.