Singapore University of Social Sciences

Behavioural Economics and Social Good

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


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 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
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