ECON 651Advanced Behavioral Economics

Catalog

This is a second course in Behavioral Economics, which is independent of but complementary to ECON650. Some topics to be explored are: the characterization of rational behavior and its empirical testing; the framework of bounded rationality; models of limited attention, consideration sets and rational inattention; reference points and other contextual effects; "the cognitive turn in behavioral economics" and "cognitive economics", cognitive noise and cognitive uncertainty; similar developments in the cognitive sciences, resource-rational analysis; simplicity and complexity. Students will also be presented with recent applications of these topics to areas such as macroeconomics and economic development.