The London School of Economics and Political Science

Behavioural Economics and the Modern Economy

Available dates

Jun 15—19, 2020
5 days
London, United Kingdom
GBP 5995 ≈USD 7749
GBP 1199 per day

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About the course

This five day intensive short course will bring participants up to date with modern developments in behavioural economics.

Behavioural economics has revolutionised economics in the past thirty years by replacing the standard assumptions of perfect rationality and unbridled self-interest with more psychologically realistic alternatives. Behavioural economists believe that economists have traditionally acted as if humans are smarter and harsher than they actually are. More importantly, the departures from rationality and selfishness are systematic – the scientific goal of behavioural economics is to understand how people actually behave.

The course will draw on psychological/experimental research as well as formal behavioural economic models.

Programme benefits:

  • Understand the heuristics and biases that characterise key aspects of human decision making
  • Gain an overview of people's social, risk and time preferences. In particular, how a better understanding of imperfect self-control and loss aversion have revolutionised economic debates in the past decade
  • Build a deeper understanding of the foundations of behavioural finance and some of the anomalies in financial markets
  • Acquire knowledge to help navigate some of the new regulatory solutions that behavioural economists advocate, and also the possibilities and limits of libertarian paternalism.

Course description

This course will bring students up to date with modern developments in behavioural economics, with the aim of providing a clear statement of both behavioural economic thought and its implications for both firms and regulators. It will draw heavily on psychological and experimental research and formal economic models, and would appeal to those who have read about nudges or biases in the popular press but want a more disciplined understanding before applying it to their sector.

Key topics addressed:

  • Behavioural Finance: Trade, Insurance and Risk Perceptions
  • Planning over Time: Procrastination, Credit Markets, Housing, Saving and Retirement
  • Limited Social Rationality: Winner's Curse, Social Learning, Defensive Medicine
  • Libertarian Paternalism, Nudges.

Course outcomes

  • Understand the heuristics and biases that characterise key aspects of human decision making
  • Gain an overview of people's social, risk and time preferences. In particular, how a better understanding of imperfect self-control and loss aversion have revolutionised economic debates in the past decade
  • Build a deeper understanding of the foundations of behavioural finance and some of the anomalies in financial markets
  • Acquire knowledge to help navigate some of the new regulatory solutions that behavioural economists advocate, and also the possibilities and limits of libertarian paternalism.

Who should attend

This executive course is suitable for:

  • Professionals in the business and financial sector
  • Policy practitioners interested in applying behavioural insights to public policy.

Trust the experts

Kristof Madarasz

Positions Present Associate Professor, London School of Economics and Political Science Disciplines Economics

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Matthew Levy

I am a behavioural economist, with interests in public finance and health economics. I combine theory and experiments to better understand complex intertemporal choices. I am particularly interested in long-run health behaviours such as exercise and smoking, and household finance issues such as r...

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Erik Eyster

Education PhD in Economics, UC Berkeley CV, Publications and working papers Research Centres STICERD Theory Group Programme Co-Director STICERD Psychology and Economics Initiative Associate Teaching EC102: Economics B (coordinating faculty members teaching the course) EC201: Microeconomic Princ...

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Nava Ashraf

Nava Ashraf earned a B.A. in economics from Stanford University in 1998, and an M.A. and Ph.D. in economics from Harvard University in 2003 and 2005, respectively. After her studies, she began working at Harvard Business School in the Negotiation, Organizations and Markets Unit as assistant profe...

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