Course Details
Country:
Japan
Institution:
Waseda University
Course Title:
Behavioral Economics [E] 01
Course Number:
ECNT231L
Course Description:
This course is an introduction to methods on how to analyze individual decision making based on behavioral economics. Behavioral economics use cognitive and emotional factors in understanding the economic decisions of individuals and societies. From the 1990s, researchers in economics started expanding the scope of their formal (i.e., mathematical) models to encompass some types of behavior that were found in behavioral economics though they were at odds with the standard economic theory. This course mainly discuss about behavioral decision-making theory. Standard economics usually assume the following two assumptions to analyze individual decision making. First, an individual forms beliefs describing the probabilities of all choices, and after receiving new information, an individual updates his/her beliefs in correct way according to probability theory. (2) An individual acts as if s/he is maximizing an expected utility. However, behavioral economics indicate that people does not behave as like standard economics assumed.
Language:
English
Approved Equivalent:
ECON 3--
Attachment Files:
