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Behavioural decision theory
- Oggetto:
Behavioural decision theory
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Anno accademico 2024/2025
- Codice attività didattica
- ECM0326
- Docenti
- Marina Della Giusta (Titolare del corso)
Gianna Lotito (Titolare del corso) - Corso di studio
- Laurea magistrale in Metodi statistici ed economici per le decisioni - a Torino [0402M21]
- Anno
- 1° anno
- Periodo
- Secondo semestre
- Tipologia
- Affine o integrativo
- Crediti/Valenza
- 12
- SSD attività didattica
- SECS-P/01 - economia politica
SECS-P/02 - politica economica - Erogazione
- Tradizionale
- Lingua
- Inglese
- Frequenza
- Consigliata/Recommended
- Tipologia esame
- Scritto ed orale
- Tipologia unità didattica
- corso
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Sommario insegnamento
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Avvisi
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Obiettivi formativi
MODULO DECISION THEORY
The course aims to introduce the approach and methodology of behavioural decision theory by studying the most relevant contributions to the literature and the new research topics, with a particular interest in the theory of individual decision-making under risk and uncertainty and its normative and descriptive aspects. Moreover, the course also aims to introduce students to the methodology of experimental economics, considering some of its applications in various areas of decision theory by actively involving students in laboratory decision-making experiments. By reconsidering some of the standard assumptions regarding preferences and rationality - with the help of the experimental methodology - students will be given the theoretical elements necessary to interpret the behaviour of the economic agent in a richer decision environment.
MODULO BEHAVIORAL ECONOMICS
Il corso fornisce:
- le competenze e la comprensione dei principi di economia comportamentale e il loro utlizzo nel disegnare interventi di policy
- la comprensione dei principi atti a valutare l'efficacia di politiche disegnate con incentivi alternativi
- permette attraverso attivita pratiche condotte in classe di applicare le conoscenze acquisite e distinguere
- permette di esercitare la capacita' di valutare pacchetti alternativi di policy che utilizzano incentivi tradizionali e comportamentali
- permette di esercitare le capacita' comunicative attraverso presentazioni in classe
MODULE DECISION THEORY
The course aims to introduce the approach and methodology of behavioural decision theory by studying the most relevant contributions to the literature and the new research topics, with a particular interest in the theory of individual decision-making under risk and uncertainty and its normative and descriptive aspects. Moreover, the course also aims to introduce students to the methodology of experimental economics, considering some of its applications in various areas of decision theory by actively involving students in laboratory decision-making experiments. By reconsidering some of the standard assumptions regarding preferences and rationality - with the help of the experimental methodology - students will be given the theoretical elements necessary to interpret the behaviour of the economic agent in a richer decision environment.
MODULE BEHAVIORAL ECONOMICS
The course provides:
- skills and understanding of the principles of behavioural economics and their use in designing policy interventions
- understanding the principles for evaluating the effectiveness of policies designed with alternative incentives
- It allows, through practical activities carried out in the classroom, to apply the knowledge acquired and distinguish
- allows you to exercise the ability to evaluate alternative policy packages that use traditional and behavioral incentives
- Allows you to practice communication skills through classroom presentations
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Risultati dell'apprendimento attesi
MODULO DECISION THEORY
At the end of the course, students should know the main areas of research in behavioural decision-making and the new theoretical and methodological instruments of this research area. They should be able to critically view how these new instruments impact their knowledge concerning preferences, rationality and decision-making in different areas of economic theory.
MODULO BEHAVIOURAL ECONOMICS
Alla fine del corso le studentesse e gli studenti comprenderanno i principi dell'architettura delle scelte e saranno in grado di applicarli in ambiti diversi. In particolare:
- potranno dimostrare di avere acquisito le conoscenze necessarie a comprendere politiche disegnate seguendo incentivi tradizionali e comportamentali (knowledge and understanding) attraverso discussioni in classe
- utilizzeranno le conoscenze e capacita' di trarre conclusioni e capacità di comprensione in casi specifici che verranno scelti durante il corso per presentazioni, rispetto ai quali verra' chiesto di illustrare vantaggi e svantaggi di politiche diverse, esercitando anche le proprie capacita' comunicative e di discussione in classe
MODULE DECISION THEORY
At the end of the course, students should know the main areas of research in behavioural decision-making and the new theoretical and methodological instruments of this research area. They should be able to critically view how these new instruments impact their knowledge concerning preferences, rationality and decision-making in different areas of economic theory.
MODULE BEHAVIORAL ECONOMICS
At the end of the course, students will understand the principles of choice architecture and will be able to apply them in different fields. Specifically:
Students will be able to demonstrate that they have acquired the knowledge necessary to understand policies designed following traditional and behavioural incentives (knowledge and understanding) through class discussion.
Students will use the knowledge and ability to draw conclusions and understanding in specific cases that will be chosen during the course for presentations, with respect to which they will be asked to illustrate the advantages and disadvantages of different policies, also exercising their communication and discussion skills in class
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Programma
MODULO DECISION THEORY
Introduction: behavioural decision theory and the standard economic model. History and evolution. Methodology: experimental economics. Why we need it: advantages and costs, the methodological problem of validity
The model of instrumental rationality. Choice under risk and uncertainty. The EU Expected utility model, properties of the EU function. Subjective Expected Utility: the Ellsberg paradox. The attitudes to risk; the certainty equivalent and the risk premium. The main measures of risk aversion. The CARA and CRRA functions
Linearity in probabilities of EU and Independence. The Machina triangle. Violations of linearity: the Allais paradox and the common ratio effect. Separability
The main alternative models to EU. Prospect theory
Nonseparable preferences: emotions, regret. The Framing effect. Preference reversal: some possible explanations. The Endowment effect. Some economic applications of Prospect Theory
MODULO BEHAVIORAL ECONOMICS
- Distorsioni cognitive nelle decisioni e fondamenti psicologici delle scelte
- Modelli comportamentali
- Architettura delle scelte e nudges
- Disegnare e valutare interventi comportamentali
MODULE DECISION THEORY
Introduction: behavioural decision theory and the standard economic model. History and evolution. Methodology: experimental economics. Why we need it: advantages and costs, the methodological problem of validity
The model of instrumental rationality. Choice under risk and uncertainty. The EU Expected utility model, properties of the EU function. Subjective Expected Utility: the Ellsberg paradox. The attitudes to risk; the certainty equivalent and the risk premium. The main measures of risk aversion. The CARA and CRRA functions
Linearity in probabilities of EU and Independence. The Machina triangle. Violations of linearity: the Allais paradox and the common ratio effect. Separability
The main alternative models to EU. Prospect theory
Nonseparable preferences: emotions, regret. The Framing effect. Preference reversal: some possible explanations. The Endowment effect. Some economic applications of Prospect Theory
MODULE BEHAVIORAL ECONOMICS
- Biases of decision making and other insights from psychology
- Behavioural models
- Choice architecture and nudges
- Designing and evaluating behavioural interventions
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Modalità di insegnamento
MODULO DECISION THEORY
Il corso sara' in presenza e comprendera' sessioni di apprendimento interattive con esperimenti e presentazioni
MODULO BEHAVIORAL ECONOMICS
Il corso sara' in presenza e comprendera' sessioni di apprendimento interattive con discussioni di classe e presentazioni
MODULE DECISION THEORY
The course will be delivered face-to-face and include active learning sessions with participation in laboratory experiments and presentations
MODULE BEHAVIORAL ECONOMICS
The course will be delivered face-to-face and include active learning sessions
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Modalità di verifica dell'apprendimento
MODULO DECISION THEORY
The evaluation will consist of a final written test and a joint oral presentation to be given during the course. Details about the final exam structure will be provided during the course
MODULO BEHAVIOURAL ECONOMICS
Una presentazione di 10 minuti seguiti da 5 minuti di discussione in classe con consegna di slides con note esaustive su un tema scelto dagli studenti, in alternativa per i non frequentanti un esame scritto costituito da tre domande a risposta aperta mirate alla verifica della comprensione dei concetti principali.
MODULE DECISION THEORY
The evaluation will consist of a final written test and a joint oral presentation to be given during the course. Details about the final exam structure will be provided during the course
MODULE BEHAVIOURAL ECONOMICS
A 10-minute presentation followed by 5 minutes of class discussion with the delivery of slides with exhaustive notes on a topic chosen by the students, alternatively for non-attending students a written exam consisting of three open-ended questions aimed at verifying the understanding of the main concepts.
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Attività di supporto
MODULO DECISION THEORY
There will not be any particular support activities apart from the ones which can be accessed through the course Moodle page
MODULO DECISION THEORY
There will not be any particular support activities apart from the ones which can be accessed through the course Moodle page
Testi consigliati e bibliografia
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MODULO DECISION THEORY
All teaching material will be distributed during the course and made available on the Moodle page of the course
MODULO DECISION THEORY
All teaching material will be distributed during the course and made available on the Moodle page of the course
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Moduli didattici
- Behavioural economics (ECM0326B)
- Decision theory (ECM0326A)
- Registrazione
- Aperta
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