BEHAVIORAL ECONOMICS

Credit Hours: 3 · Undergraduate Lower-Level

Examines behavioral economics, which seeks to insert more behavioral realism into economic theory by incorporating into economic models insights based on empirical observations from psychology, sociology, and neuroscience. Emphasizes attempts by behavioral economists to explain anomalies that depart from the predictions of standard economic theory. Topics include temptation and self-control, fairness and reciprocity, reference dependence, bounded rationality and choice under risk and uncertainty.