ECOS3016: Semester 2, 2021

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Units ECOS3016 Semester 2 2021 [Normal day]

Unit of study_

ECOS3016: Experimental and Behavioural Economics

Semester 2, 2021 [Normal day] - Remote

Overview

Experimental economics uses experimental methods to evaluate the performance of economic models, institutions and policies. Behavioural economics combines experimental and field evidence with insights from neighbouring disciplines such as psychology, to develop richer economic models of decision-making. This unit will develop the key research methods and major findings of each of these fields, and explore both theoretical and practical implications. Students will read a number of seminal research papers in both experimental and behavioural economics, and will have opportunities to participate in classroom experiments.

Unit details and rules

Unit code	ECOS3016
Academic unit	Economics
Credit points	6
Prohibitions ?	None
Prerequisites ?	ECOS2001 or ECOS2901
Corequisites ?	None
Assumed knowledge ?	None
Available to study abroad and exchange students	Yes

Teaching staff

Coordinator	Stephen Cheung, stephen.cheung@sydney.edu.au

Type	Description	Weight	Due	Length
Final exam (Record+)	Final examination A traditional online final exam.	45%	Formal exam period	2 hours
Outcomes assessed:
Online task	Behavioural questionnaire Online questionnaire regarding your economic preferences and behaviour.	5%	Week 02 Due date: 20 Aug 2021 at 23:59 Closing date: 20 Aug 2021	Unlimited
Outcomes assessed:
In-semester test (Record+)	Mid-semester test A traditional online midterm exam.	25%	Week 08 Due date: 06 Oct 2021 at 11:00 Closing date: 06 Oct 2021	1 hour
Outcomes assessed:
Assignment	Policy briefing paper Behavioural economic analysis of a contemporary policy issue.	25%	Week 13 Due date: 12 Nov 2021 at 23:59 Closing date: 12 Nov 2021	1,500 words
Outcomes assessed:
= group assignment ? = Type B final exam ? = Type B in-semester exam ?

Assessment summary

Detailed information for each assessment will be provided through Canvas.

Assessment criteria

The University awards common result grades, set out in the Coursework Policy 2014 (Schedule 1).

As a general guide, a High distinction indicates work of an exceptional standard, a Distinction a very high standard, a credit a good standard, and a pass an acceptable standard.

Result name	Mark range	Description
High distinction	85 - 100
Distinction	75 - 84
Credit	65 - 74
Pass	50 - 64
Fail	0 - 49	When you don’t meet the learning outcomes of the unit to a satisfactory standard.

For more information see sydney.edu.au/students/guide-to-grades.

For more information see guide to grades.

Late submission

In accordance with University policy, these penalties apply when written work is submitted after 11:59pm on the due date:

Deduction of 5% of the maximum mark for each calendar day after the due date.
After ten calendar days late, a mark of zero will be awarded.

Academic integrity

The Current Student website provides information on academic integrity and the resources available to all students. The University expects students and staff to act ethically and honestly and will treat all allegations of academic integrity breaches seriously.

We use similarity detection software to detect potential instances of plagiarism or other forms of academic integrity breach. If such matches indicate evidence of plagiarism or other forms of academic integrity breaches, your teacher is required to report your work for further investigation.

You may only use artificial intelligence and writing assistance tools in assessment tasks if you are permitted to by your unit coordinator, and if you do use them, you must also acknowledge this in your work, either in a footnote or an acknowledgement section.

Studiosity is permitted for postgraduate units unless otherwise indicated by the unit coordinator. The use of this service must be acknowledged in your submission.

Learning support

Simple extensions

If you encounter a problem submitting your work on time, you may be able to apply for an extension of five calendar days through a simple extension.  The application process will be different depending on the type of assessment and extensions cannot be granted for some assessment types like exams.

Special consideration

If exceptional circumstances mean you can’t complete an assessment, you need consideration for a longer period of time, or if you have essential commitments which impact your performance in an assessment, you may be eligible for special consideration or special arrangements.

Special consideration applications will not be affected by a simple extension application.

Using AI responsibly

Co-created with students, AI in Education includes lots of helpful examples of how students use generative AI tools to support their learning. It explains how generative AI works, the different tools available and how to use them responsibly and productively.

Weekly schedule

WK	Topic	Learning activity
Week 01	Introduction; Choice under certainty: Standard theory	Lecture (2 hr)
Week 02	Non-standard decision-making	Lecture (2 hr)
Week 02	Tutorial: Properties of binary preference relations	Tutorial (1 hr)
Week 03	Loss aversion: Evidence and theory	Lecture (2 hr)
Week 03	Discussion of reading: The endowment effect	Tutorial (1 hr)
Week 04	Loss aversion: Applications	Lecture (2 hr)
Week 04	Tutorial: Review of probability theory	Tutorial (1 hr)
Week 05	Non-standard beliefs	Lecture (2 hr)
Week 05	Special topic: Economic policy and behavioural change	Tutorial (1 hr)
Week 06	Choice under risk: Standard theory	Lecture (2 hr)
Week 06	Discussion of reading: The “law of small numbers”	Tutorial (1 hr)
Week 07	Decision-making under risk	Lecture (2 hr)
Week 07	Special topic: Incentives	Tutorial (1 hr)
Week 09	Decision-making under uncertainty	Lecture (2 hr)
Week 09	Special topic: Social norms	Tutorial (1 hr)
Week 10	Choice over time: Standard theory and experiments	Lecture (2 hr)
Week 10	Tutorial: Review of game theory	Tutorial (1 hr)
Week 11	Choice over time: Behavioural theory and applications	Lecture (2 hr)
Week 11	Discussion of readings: Neuroeconomics	Tutorial (1 hr)
Week 12	Other-regarding preferences	Lecture (2 hr)
Week 12	Discussion of reading: Demand for commitment	Tutorial (1 hr)
Week 13	Behavioural insights for policy	Lecture (2 hr)
Week 13	Discussion of reading: Fair wages and effort	Tutorial (1 hr)

Study commitment

Typically, there is a minimum expectation of 1.5-2 hours of student effort per week per credit point for units of study offered over a full semester. For a 6 credit point unit, this equates to roughly 120-150 hours of student effort in total.

Required readings

Prescribed text: Angner, E., 2016. A Course in Behavioral Economics, 2nd ed. Palgrave Macmillan. (Any edition is acceptable, however lecture notes will refer to the second edition.)

All other required readings for this unit will be made accessible through the Reading List link on Canvas.

Learning outcomes

Learning outcomes are what students know, understand and are able to do on completion of a unit of study. They are aligned with the University's graduate qualities and are assessed as part of the curriculum.

Outcomes
Graduate qualities

At the completion of this unit, you should be able to:

LO1. Understand how experimental and behavioural economics relate to other methods and bodies of thought, and in particular to ‘standard’ economic theory
LO2. Demonstrate familiarity with the main areas to which experimental and behavioural economics have been applied, and some key findings that have been observed in each of these areas
LO3. Recognise the major departures from rationality that are identified in experimental and behavioural economics
LO4. Understand how economic theories are being revised in light of experimental and behavioural economics findings
LO5. Appreciate how experimental and behavioural economics methods contribute to explaining field phenomena, and the design of policy
LO6. Critically review and evaluate original research in experimental and behavioural economics

Graduate qualities

The graduate qualities are the qualities and skills that all University of Sydney graduates must demonstrate on successful completion of an award course. As a future Sydney graduate, the set of qualities have been designed to equip you for the contemporary world.

GQ1	Depth of disciplinary expertise Deep disciplinary expertise is the ability to integrate and rigorously apply knowledge, understanding and skills of a recognised discipline defined by scholarly activity, as well as familiarity with evolving practice of the discipline.
GQ2	Critical thinking and problem solving Critical thinking and problem solving are the questioning of ideas, evidence and assumptions in order to propose and evaluate hypotheses or alternative arguments before formulating a conclusion or a solution to an identified problem.
GQ3	Oral and written communication Effective communication, in both oral and written form, is the clear exchange of meaning in a manner that is appropriate to audience and context.
GQ4	Information and digital literacy Information and digital literacy is the ability to locate, interpret, evaluate, manage, adapt, integrate, create and convey information using appropriate resources, tools and strategies.
GQ5	Inventiveness Generating novel ideas and solutions.
GQ6	Cultural competence Cultural Competence is the ability to actively, ethically, respectfully, and successfully engage across and between cultures. In the Australian context, this includes and celebrates Aboriginal and Torres Strait Islander cultures, knowledge systems, and a mature understanding of contemporary issues.
GQ7	Interdisciplinary effectiveness Interdisciplinary effectiveness is the integration and synthesis of multiple viewpoints and practices, working effectively across disciplinary boundaries.
GQ8	Integrated professional, ethical, and personal identity An integrated professional, ethical and personal identity is understanding the interaction between one’s personal and professional selves in an ethical context.
GQ9	Influence Engaging others in a process, idea or vision.

Outcome map

Learning outcomes	Graduate qualities
Learning outcomes

Responding to student feedback

This section outlines changes made to this unit following staff and student reviews.

In 2020, three special topics were added to support the group project assignment. In 2021, the unit remains substantively unchanged from 2020.

Disclaimer

The University reserves the right to amend units of study or no longer offer certain units, including where there are low enrolment numbers.

To help you understand common terms that we use at the University, we offer an online glossary.

Current students

Overview

Overview

Unit details and rules

Teaching staff

Assessment

Assessment

Assessment summary

Assessment criteria

Late submission

Academic integrity

Learning support

Learning support

Simple extensions

Special consideration

Using AI responsibly

Weekly schedule

Weekly schedule

Study commitment

Required readings

Learning outcomes

Learning outcomes

Graduate qualities

Outcome map

Responding to student feedback

Responding to student feedback

Disclaimer

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