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EC5217 - Behavioural Economics for Sustainable Policy

Credit points: 3
Year: 2019
Student Contribution Band: Band 3
Administered by: College of Business, Law & Governance

This subject steps beyond the standard assumption of 'rationality' that is often adopted in economics. The subject explores how beliefs, heuristics, risk and uncertainty, intertemporal decision making and social preferences among others violate the rational economics model regarding decision making processes. In parallel the subject presents 'behavioural' models which have better predictive power regarding individual decision making processes. Finally, the subject touches on the implications from behavioural economics for policy, which is to date, largely based on rational models.

Learning Outcomes

  • Advanced appraisal of the way in which the use of beliefs, heuristics and uncertainty can invalidate predictions of the rational economics model;
  • Advanced appraisal of empirical shortcomings of the rational model regarding intertemporal choices and social preferences and how behavioural models can do better.;
  • Demonstrate comprehension of the rational and behavioural models by designing and conducting an experiment that can be used to validate one model versus the other.
Assumed
Knowledge:
Introductory subjects in Economics and Statistics
Inadmissible
Subject
Combinations:
BX2124

Availabilities

Townsville, Internal, Study Period 2
Census Date 29-Aug-2019
Coordinator: Assoc. Professor Riccardo Welters
Lecturers: Assoc. Professor Riccardo Welters, Assoc. Professor Sizhong Sun.
Workload expectations:

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

  • 26 hours lectures
  • 12 hours tutorials
  • 3 hours workshops/Seminars
  • assessment and self-directed study
Assessment: end of semester exam (30%); assignments (40%); test (30%).

External, Study Period 2
Census Date 29-Aug-2019
Coord/Lect: Assoc. Professor Riccardo Welters.
Workload expectations:

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

  • 0 hours lectures
  • assessment and self-directed study
Method of Delivery: WWW - LearnJCU
Assessment: end of semester exam (30%); assignments (40%); test (30%).

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.