Behavioral Economics

Teaching results

Teaching results:
Course objective
The aim of the course is to provide students with systematic and analytically based knowledge of behavioral approaches in economics and their use in explaining deviations in the behavior of economic agents from the rationality assumed by standard economic theory. The course focuses on identifying and analyzing behavioral biases in individual decision-making and assessing their implications for market functioning, corporate behavior, and public policy-making. Emphasis is placed on applying behavioral economics insights to design effective interventions and policy measures at both the micro and macro levels.
Knowledge
Graduates of the course have advanced knowledge of the theoretical foundations and methodology of behavioral economics, including prospect theory, heuristics and behavioral biases, social and time preferences, and behavioral nudges. They understand the mechanisms through which behavioral factors influence individual decision-making, corporate behavior, and the functioning of public institutions, and are familiar with the areas of application of behavioral approaches in microeconomics, macroeconomics, and public sector economics.
Competencies
Students acquire the competence to identify and analyze systematic deviations in the behavior of economic agents from rationality and to compare behavioral and neoclassical approaches in economic analysis. They are able to assess the consequences of behavioral biases for the efficiency of markets and public policies and to propose alternative solutions and interventions aimed at mitigating these deviations. The acquired competencies enable them to apply a behavioral approach in the analysis and evaluation of specific economic problems at both the micro and macro levels.
Skills
Students acquire the skills to apply behavioral economics tools to solve specific case studies from practice, interpret the results of empirical behavioral research, and critically assess the effectiveness of behavioral interventions. They are able to formulate analytically based recommendations for business practice and public policy, present their conclusions, and defend them on the basis of economic arguments. They are able to work effectively in a team and communicate complex economic knowledge in an understandable way.