The course examines how some insights from psychology have been integrated into standard economic theory in order to improve its ability to explain the behaviour of both consumers and producers in a number of different settings. By drawing on empirical results and applying recent theories in behavioural economics to real-world examples, participants will develop an understanding of the important lessons that this field of study can convey. Throughout the course, the implications for policy makers in both private and public organisations will be highlighted.
Some topics that will be discussed include, the impact of heuristics/choice overload, reference dependent preferences, loss aversion, present bias and social preferences.
Jon Guest Has won national teaching awards and through his work as a Senior Associate of the Economics Network runs sessions on innovative pedagogic practices at a number of universities and major national events. He is also an academic assessor for the Economic Assessment Centres run by the Government Economic Service.