ECON 454 - Seminar in Behavioral and Experimental Economics

Unit(s): 4

Economics is the study of how people make choices in a world with constraints. In Neoclassical models, behavior is based on assumptions that may or may not be true. Behavioral economics, on the other hand, takes as its starting point actual behavior (observed either experimentally or in naturally occurring situations), using observations to incorporate more realistic psychological foundations. Typically this means enriching the theory rather than replacing it. Experimental methods are particularly useful in this kind of research.

Prerequisite(s): ECON 304, ECON 305 and ECON 317.