Behavioural Insights for Business and Management
This module will provide an overview of the important insights from behavioural economics and apply to business, economics and management decision making context. It will teach students the core theory of behavioural economics, demonstrate how these can be applied to explain and inform the decisions made by stakeholders, workers, and consumers, and ultimately apply to business and policy-relevant issues. The module will focus on conceptual foundations (core assumptions and models), problem solving and applications.
Full module specification
|Module title:||Behavioural Insights for Business and Management|
BEE2038 or BEE2024
|Duration of module:||
Duration (weeks) - term 1: |
The module aims to develop understanding of behavioural models and the ability to apply those theories to real decision making scenarios. The aim of this module is to enable the students to examine economic theory from a behavioural perspective, gain insights and hopefully apply to various decision making contexts. Quantitative skills will be developed through a series of problem sets. Critical thinking and communication skills will be developed in tutorials through group work and student presentations.
ILO: Module-specific skills
- 1. explain and analyse the most important contributions of behavioural economics
- 2. apply the insights from the behavioural economics to critically analysing and understanding many economic behaviours in firms, organizations, and markets
- 3. understand projects reports and journal articles that used the concepts and methods introduced in the module
ILO: Discipline-specific skills
- 4. apply economic theory in case studies
- 5. evaluate the insights alternative theoretical models offer in case studies
ILO: Personal and key skills
- 6. demonstrate problem solving skills
- 7. demonstrate critical thinking and communication skills
Learning activities and teaching methods (given in hours of study time)
|Scheduled Learning and Teaching Activities||Guided independent study||Placement / study abroad|
Details of learning activities and teaching methods
|Category||Hours of study time||Description|
|Scheduled Learning & Teaching activities||20||Lectures|
|Scheduled Learning and Teaching Activities||4||Tutorials|
|Guided independant study||126|
|Form of assessment||Size of the assessment (eg length / duration)||ILOs assessed||Feedback method|
|Group Project Assessment||Bi-weekly||1,2,3,4,5,6,7||Verbal|
Summative assessment (% of credit)
|Coursework||Written exams||Practical exams|
Details of summative assessment
|Form of assessment||% of credit||Size of the assessment (eg length / duration)||ILOs assessed||Feedback method|
|Participation||5||Survey questions every/bi-weekly, 5-10mins per survey during class time||1,2,3,4,5,6,7||Written|
|Mid-Term Exam||30||60 mins||1,2,3,4,5,6,7||Written/verbal|
|January Exam||65||90 mins||1,2,4,5,6,7||Written|
Details of re-assessment (where required by referral or deferral)
|Original form of assessment||Form of re-assessment||ILOs re-assessed||Timescale for re-assessment|
|Mid term exam and January exam||Exam (95%) 2 hours||1-7||August reassessment period|
The student keeps the marks he/she obtains from the participation.
Selected topics in behavioural economics will be covered. For each topic, we begin with the standard model of rational decision making, and discuss what types of behaviours this model can explain. We then move on to examine evidence from experiments and conclude with alternatives models that are proposed to account for the behavioural “anomalies”. The topics that we may cover (but not limited to) are as follows:
- Decisions under risk and uncertainty
- Temptation and self-control
- Social preferences: fairness and reciprocity
- Bounded rationality
- Social norms and social approval
Indicative learning resources - Basic reading
Thaler, Richard and Sunstein, Cass R.. (2009). Nudge. Improving Decisions about Health, Wealth and Happiness, Penguin Books
Thaler, Richard. 1992. The Winner’s Curse. Paradoxes and Anomalies of Everyday Life. A Russell Sage Foundation Book. The Free Press, NY.
Kahneman, Daniel. 2011. Thinking, Fast and Slow. Farrar, Straus and Giroux.
Just, D (2013) Introduction to Behavioral Economics (1st edition), Wiley
Other readings materials including journal articles: please refer to ELE module page.
Module has an active ELE page?
Indicative learning resources - Web based and electronic resources
Last revision date