Behavioral Economics

Catalog description

How do limitations in the ability to think and know affect economic decision making? Are people really as rational as economists often assume them to be? Behavioral economics studies how cognitive limitations, biases, social influence, uncertainty, and emotions affect individuals' economic decision making. A brief overview of how economists use experimental methods in laboratory environments to study experimental economics will be covered, and the implications of behavioral economics on policy will be explored. Prerequisite: ECO 210 or permission of the instructor. Liberal Arts Core Designation: Social Science (SS), Depth in Sciences (DSCI)