|This is a research class aimed at Ph.D. students in economics, psychology, or related disciplines.
Traditional economic theory is based on standard working assumptions which include unlimited rationality and complete self-control. Behavioral economics considers what happens in economic contexts when these working assumptions are modified to incorporate more realistic conceptions of human behavior. The role of markets is central to this study. We carefully consider conditions under which rationality of participants influences market outcomes. However, financial markets are not covered in detail, and this is not a finance class.
Students will be asked to write frequent short papers and a more substantial research paper. The research paper is due in March, 2012 to give students time to undertake a serious paper. There will be one course meeting during the Spring quarter, on a date to be arranged, where these papers will be presented.