LECO

2350

Behavioralism and Economics Analysis

Eugene Lang College Lib Arts: Economics

Liberal Arts

Undergraduate Course

Degree Students

Behavioralism & Econ Analysis

Fall 2018

Taught By: Julia Puaschunder

Section: A

CRN: 7432

Credits: 4

Contemporary theories and studies of economics have turned behavioral. Behavioral Economics revolutionized mainstream neo-classical economics in the past two decades. Since then two Nobel Prizes in Economics have crowned this growing field as a wide range of psychological, economic and sociological laboratory and field experiments proved human beings deviating from rational choices and standard neo-classical profit maximization axioms often failed to explain how human actually behave. Human beings rather use heuristics in their day-to-day decision making. These mental short cuts enable to cope with a complex world yet also often leave individuals biased and falling astray to decision making failures. What followed was the powerful extension of behavioral insights for public policy making and international development. Behavioral economists proposed to nudge and wink citizens to make better choices for them and the community around the globe. Many different applications of rational coordination followed ranging from improved organ donations, health, wealth and time management, to name a few. Starting with the beginning of the entrance of behavioral aspects in economic analyses and intercultural differences in behavioral understandings, the course will then embark on a wide range of classic behavioral economics examples featuring powerful applications in a truly interdisciplinary fashion to end with exploring the most novel cutting-edge questions on the behavioral analysis frontier. What is behavioral finance? What role do ethics play for behavioral economists? Do big data driven results impose critical privacy concerns? In the future age of Artificial Intelligence, should we create algorithms that resemble human decision making or strive for rational artificiality?  What are the boundaries of the extension of behavioral insights? And does nudging in the wake of libertarian paternalism entail a social class division into those who nudge and those who are nudged? The class will give credit to critical questions at the forefront of Behavioralism and Behavioral Economic Analysis. The sessions will be taught in a Socratic style featuring interactive learning experiences and thought-provoking simulations.

College: Eugene Lang College Lib Arts (LC)

Department: Economics (LECO)

Campus: New York City (GV)

Course Format: Seminar (R)

Max Enrollment: 20

Enrollment Status: Open*

*Enrollment status information is updated every five minutes. The status of this course may have changed since the last update. Open seats may have restrictions that will prevent some students from registering. Updated: 3:20pm 12/13/2018

Meeting Info:

Days: Tuesday, Thursday

Times: 1:50pm - 3:30pm

Building: 6 East 16th Street

Room: 901

Date Range: 8/28/2018 - 12/13/2018