Behavioural Economics and Social Good

Singapore University of Social Sciences

Behavioural Economics and Social Good (ECO301)

Applications Open: 01 May 2024

Applications Close: 15 June 2024

Next Available Intake: July 2024

Course Types: Modular Undergraduate Course

Language: English

Duration: 6 months

Fees: $1391.78 View More Details on Fees

Area of Interest: Business Administration

Schemes: Alumni Continuing Education (ACE)

Funding: To be confirmed

School/Department: School of Business

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Synopsis

ECO301 Behavioural Economics and Social Good studies the psychological limitations that could influence economic decision making. Insights in behavioural economics have provided new decision-making models to help us understand how choices are made in the presence of risk and uncertainty, and where the key economic assumption of rationality is limited in the real-world. Behavioural economics will also be applied to better understand preferences that are not self-directed/interested, or preferences that are inconsistent over time. Lastly, students will learn about behavioural game theory and applications of behavioural economics in policy and beyond to advance social good (e.g., organ donation and status quo biases, energy bill and reference points, altruism).

Level: 3
Credit Units: 5
Presentation Pattern: EVERY REGULAR SEMESTER

Topics

Decision-making under risk and uncertainty
The prospect theory and loss aversion
Bounded rationality, decision heuristics and biases
Mental accounting
Intertemporal choice and time discounting
Present-biased preferences
Other-regarding preferences and altruism
Fairness and reciprocity
Behavioural game theory
Bounded rationality in financial markets
Applications of behavioural decision theory
Applications of behavioural economics in policy and beyond, for social good, sustainability, and the environment

Learning Outcome

Examine decision-making models under risk and uncertainty, including explaining and applying the prospect theory
Discuss mental accounting and the non-fungibility of money
Deconstruct behaviours of habits and addiction using models of intertemporal choice
Analyse behaviours that contradict economic predictions, supported by theories such as bounded rationality and decision heuristics
Apply bounded rationality explanations to financial market observations
Demonstrate behavioural economics principles to applications and policies that can advance social good, including principles of fairness, time-inconsistencies, and game theory